On February 1, 2007, Amanda Beard Construction Company obtained a contract to build an athletic stadium. The stadium was to be built at a total cost of $5,400,000 and was scheduled for completion by September 1, 2009. One clause of the contract stated that Beard was to deduct $15,000 from the $6,600,000 billing price for each week that completion was delayed. Completion was delayed 6 weeks, which resulted in a $90,000 penalty. Below are the data pertaining to the construction period.

Instructions
Using the percentage-of-completion method, compute the estimated gross profit recognized in the years2007–2009.

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2008 $1,782,000 $3,850,000 $5,500,000 1,650,000 1,200,000 3,100,000 6,510,000 2,800,000 2007 2009 Costs to date Estimated costs to complete Progress billings to date Cash collected to date 3,618,000 1,000,000 6,510,000