Bronco Builders accepts a contract with Steib Stores to construct a strip mall on Route 3 on January 2, 2022. The builder accepts a fixed fee of $9,300,000 and must complete the project within three years. Costs incurred, estimated total costs, billings, and cash collections are summarized in the following table: (Click the icon to view the contract information.) (Click the icon for additional information.) Read the requirement Begin by completing the table below. (Use parentheses or a minus sign for a loss.) Revenue and Gross Profit Recognition 2022 2023 2024 Estimated total revenue % % % Percent complete Cumulative revenue Revenue recognized in prior years Current year revenue Less: Actual costs Gross profit (loss) recognized in the current year Contract information 2022 2023 2024 $ 1,500,000 $ 7,000,000 $ 500,000 Actual construction costs incurred during the year Estimated costs to complete Progress billings made during the year Cash collections during the year 400,000 7,200,000 4,000,000 3,100,000 3,000,000 2,300,000 3,100,000 3,100,000 - Data table The arrangement meets the criteria for recognizing revenue over time, and Bronco Builders uses the percentage-of-completion method of accounting. It determines percent complete using the percentage of the square feet that it has completed. The strip mall will be a total of 40,000 square feet. The table below summarizes the square footage completed each year: 2022 2023 2024 Cumulative square feet completed 10,000 28,000 40,000