FULL SCREEN PRINTER VERSION BACK NEX Problem 18-9 Swifty Construction Company has entered into a contract beginning January 1, 2017, to build a parking complex. It has been estimated that the complex will cost $606,000 and will take 3 years to construct. The complex will be billed to the purchasing company at $896,000. The following data pertain to the construction period. 2017 2018 2019 Costs to date $266,640 $412,080 $617.000 Estimated costs to complete 339,360 193,920 -0- Progress billings to date 270,000 545,000 896,000 Cash collected to date 240,000 495,000 896,000 (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 0. Do not leave any fields blank.) Gross profit recognized in 2017 659091 $ Gross profit recognized in 2018 116141 $ Gross profit recognized in 2019 496232 $ (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 0. Do not leave any fields blank.) Gross profit recognized in 2017 $ Gross profit recognized in 2018 $ Gross profit recognized in 2019