On January 2, 2017, TLC Contractors agreed to construct a building at a contract price of $972,000. TLC estimated total construction costs would be $600,000 and the project would be finished in 2019. Information relating to the costs and billings for this contract is as follows: 2017 2018 2019 Total costs incurred to date 225,000 525,000 650.000 Estimated costs to complete 375.000 100,000 0 Customer billings to date 360,000 800,000 972,000 Collections to date 320,000 750,000 910,000 Calculate gross profit using percentage-of-completion accounting method and using completed contract accounting method for years 2017. 2018, and 2019. (12 points)