Question: Current Attempt in Progress Skysong Construction Company has entered into a contract beginning January 1, 2020, to build a parking complex. It has been estimated

Current Attempt in Progress Skysong Construction Company has entered into a contract beginning January 1, 2020, to build a parking complex. It has been estimated that the complex will cost $597,000 and will take 3 years to construct. The complex will be billed to the purchasing company at $908,000. The following data pertain to the construction period. 2020 2021 2022 Costs to date $286,560 $453.720 $609,000 310,440 Estimated costs to complete 143,280 -0- 273,000 548.000 908,000 Progress billings to date Cash collected to date 243,000 498,000 908.000 (a) Using the percentage-of-completion method, compute the estimated gross profit that would be recognized during each year of the construction period. (If answer is O, please enter O. Do not leave any fields blank.) Gross profit recognized in 2020 $ Gross profit recognized in 2021 $ Gross profit recognized in 2022 $ $ (a) Using the percentage of-completion method, compute the estimated gross profit that would be recognized during each year of the construction period. (If answer is 0, please enter O. Do not leave any fields blank.) Gross profit recognized in 2020 $ Gross proht recognized in 2021 $ Gross proht recognized in 2022 $ (b) Using the completed contract method, compute the estimated gross profit that would be recognized during each year of the construction period. (If answer is 0, please enter O. Do not leave any fields blank) Gross profit recognized in 2020 $ $ Gross profit recognized in 2021 $ Gross profit recognized in 2022 $
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