Butler Contractors signed a contract to construct a storage facility for RTL Manufacturing, Inc. The fixed-fee contract specifies that the facility is to be completed in three years. Butler uses the percentage-of-completion method (cost-to-cost approach) to account for its construction transactions. Information related to this contract is summarized in the table below. (Click the icon to view the contract information.) Read the requirements. Requirement a. Compute the percentage completed for each year. 2015 2016 2017 Cumulative percent complete % % % Requirement b. Compute the gross profit and revenue to be recognized each year of the contract. Begin by computing the gross profit recognized each year of the contract. (Enter "O" for any zero amounts. Use parentheses or a minus sign for a loss.) Gross profit recognition 2015 2016 2017 Estimated total revenue Cumulative percentage complete % % % Cumulative revenue Revenue recognized in prior years Current year revenue Less: Actual costs Gross profit (loss) recognized in the current year X Data Table Contract price $ 2,030,000 2015 2016 2017 $ 700,000 $ 406,000 $ 644,000 Actual construction costs incurred during the year Construction costs incurred in prior years 0 700,000 1,106,000 Cumulative construction costs incurred to date 700,000 1,750,000 1,106,000 474,000 Estimated costs to complete 0 700,000 1,400,000 Estimated total costs 1,580,000 1,750,000 Progress billings made during the year 800,000 580,000 650,000 Cash collections during the year 500,000 780,000 750,000