Question: Entered into a contract beginning January 1 , 2 0 2 4 to build a parking complex It has been estimated that the complex will

Entered into a contract beginning January 1,2024 to build a parking complex It has been estimated that the complex will cost $596,000 and will take 3 years to construct Complex will be billed to the purchasing company at $902,000202520262027 total collection total cost Costs to date $256,280$429,120$606,000$902,000$596,000 Estimated costs to complete$339,720$166,880$- Progress billings to date $270,000$555,000$902,000 Cash collected to date $240,000$505,000$902,000 A. Using percentage of completion method, compute the estimated gross profit that would recognized during each year of the construction period

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