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Percentage-of-completion and completed-contract methods. Recognition of Profit on Long-Term Contracts During 2017, Hearns Construction Company started a construction job with a contract price of $5,600,000. Estimated total cost for the job $4,000,000. The job was completed in 2019. The following information is available. 2017 | 2018 2019 Cost incurred to date 1,400,000 2,870,000 4,070,000 Estimated cost to complete 2,100,000 1,230,000 Billings to date 900,000 1,900,000 2,160,000 Collections to date 770,000 1,810,000 2,125,000 Instructions Fill in the correct amounts on the following schedule. For percentage-of-completion accounting and for completed-contract accounting, show the gross profit that should be recorded for 2017, 2018, and 2019. Percentage-of-Completion Completed-Contract Gross Profit Gross Profit 2017 2017 2018 2018 2019 2019