Bronco Builders accepts a contract with Steib Stores to construct a strip mall on Route 3 on January 2, 2018. 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.) 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: Click the icon to view the square feet completed each year.) Read the requirement 2020 Begin by completing the table below. (Use parentheses or a minus sign for a loss.) Revenue and Gross Profit Recognition 2018 2019 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 Data Table -X 2018 2019 2020 Cumulative square feet completed 10,000 28,000 40,000 Print Done Bronco Builders accepts a contract with Steib Stores to construct a strip mall on Route 3 on January 2, 2018. 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.) 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: Click the icon to view the square feet completed each year.) Read the requirement 2020 Begin by completing the table below. (Use parentheses or a minus sign for a loss.) Revenue and Gross Profit Recognition 2018 2019 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 Data Table -X 2018 2019 2020 Cumulative square feet completed 10,000 28,000 40,000 Print Done