Problem 18-9 Ivanhoe 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 Estimated costs to complete Progress billings to date Cash collected to date $266,640 $412,080 $617,000 339,360 193,920 270,000 545,000 896,000 240,000 495,000 896,000 (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 s Gross profit recognized in 2018s Gross profit recognized in 2019 s (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 O, please enter 0. Do not leave any fields blank.) Gross profit recognized in 2017 s Gross profit recognized in 2018 Gross profit recognized in 2019 s Question Attempts: 0 of 2 used & Sons, inc or related companies, All nights reserved Copyright 2000-2018 by John Wiey& 3/ mirduren/shared/assignment/test/qprint.uni