I, here, send you my practice question about the % of completion. I would like to know the Gross Profit of the end of the project is $50,000.00, or $100,000.00, or $150,000.00? Please have your explanation that relates to each answer you make. Thanks so much.

Practice Problem - % of Completion B.C. Bridges Inc. was contracted to build an overpass for the Horseshoe Bay Ferry Terminal. The contract had a fixed price of $1,200,000. The overpass would take four years to build. B.C. Bridges Inc. received a deposit of $150,000 on signing the contract in 20X10. During the course of construction, B. C. Bridges Inc. experienced and estimated costs as follows: December 31, 20X10 Total costs incurred to date Estimated additional costs to complete construction $175,000 $600,000 December 31, 20X11 Total costs incurred to date Estimated additional costs to complete construction $450,000 $500,000 December 31, 20X12 Total costs incurred to date Estimated additional costs to complete construction $800,000 $450,000 December 31, 20X13 Total costs incurred to date Estimated additional costs to complete construction $1,100,000 $0 as contract is Required: a. Calculate the gross profit B. C. Bridges Inc. should recognize under the % of completion method for each year of the contract. b. What gross profit would be recognized in 20X12 and 20X13 under the completed contract method