$2.$ Mikell Builders contracted to build a high$-$rise for $$8,000,000.$ Construction began in $2021$ and is expected to be completed in $2023.$ Data for $2021,2022,$ and $2023$ are:

$202120222023$

Costs to date $3,500,0004,200,0006,750,000$

Estimated costs to complete $2,500,0002,200,0000$

Mikell uses the percentage$-$of$-$completion method.

Required:

a$.$ Compute the amount of gross profit $($loss$)$ that Mikell must report for $2021.$

b$.$ Compute the amount of gross profit $($loss$)$ that Mikell must report for $2022.$

c$.$ Compute the amount of gross profit $($loss$)$ that Mikell must report for $2023.$

d$.$ Assume instead that Mikell uses the completed contract method. Compute the amount of gross profit $($loss$)$ that Mikell must report for each the three years $-2022,2022,$ and $2023.$