Current Attempt in Progress * Your answer is incorrect. Ayayai 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 $596,000 and will take 3 years to construct. The complex will be billed to the purchasing company at $895,000. The following data pertain to the construction period. Costs to date Estimated costs to complete Progress billings to date Cash collected to date 2020 $268,200 327,800 267,000 237,000 2021 $482,760 113,240 552,000 502,000 2022 $605,000 -0- 895,000 895,000 (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 0, please enter 0. Do not leave any fields blank.) Gross profit recognized in 2020 $ Gross profit recognized in 2021 $ $ Gross profit 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 $ eTextbook and Media Save for Later Attempts: 1 of 3 used Submit