Perfectionist Construction Company was the low bidder on an office building construction contract. The contract bid was $9,000,000, with an estimated cost to complete the project of $7,000,000. The contract period was 30 months starting May 1, 2010. The company uses the cost-to-cost method of estimating earnings. Because of changes requested by the customer, the contract price was adjusted downward to $8,600,000 on May 1, 2011. A record of construction activities for the years 2010–2013 is as follows:

The estimated cost to complete the contract as of the end of each accounting period is:
2010 $5,150,000
2011 1,600,000
2012 0
Calculate the gross profit for the years 2010–2012 under the percentage-of-completion method of revenuerecognition.

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Actual CostProgress Cash Year Current YBngs Receipts Billings $2.500,000 $ 3,400,000 2010 2011.. 2012 2013 $1,900,000 3,600,000 1、670,000 $1,900,000 3,100,000 2,500,000 1,100,000 2,700,000