Oriole Enterprises Ltd$.$ has entered into a contract beginning in February $2023$ to build two warehouses for Whispering Winds Structures Ltd$.$ The contract is a non$-$cancellable fixed$-$price contract for $$9\mathrm{.}7$ million. The following data pertain to the construction period.

$2,725,000$

$($a$)$

$2023$

$2024$

$2025$

Costs for the year

$$3,420,000$

$4,180,000$

$1,800,000$

Estimated costs to complete

$4,180,000$

$1,900,000$

Progress billings for the year $($non$-$refundable$)|$

$3,095,000$

$3,605,000$

$3,000,000$

Cash collected for the year

$3,655,000$

$3,320,000$

Your answer is correct

Using the percentage$-$of$-$completion method, calculate the percentage complete for each year of the contract.

Calculate the amount of the gross profit to be recognized each year of the contract.