Star Construction Corporation has a contract to construct a building for $10,950,000. The building is controlled by the customer throughout the term of the contract. Total costs to complete the building were originally estimated at $8,850,000. Construction commenced on 4 February 2015. Actual costs were in line with estimated costs for 2015 and 2016. In 2017, actual costs exceeded estimated costs by $150,000. Total construction costs incurred in each year were as follows: 2015: $2,700,000 2016: $4,500,000 2017: $1,800,000 Progress billings based on the amount of work completed were collected each year. Star Construction uses the percentage-of-completion method. The percentage-of-completion is based on costs incurred compared with estimated total costs of the project. Company also billed the client and collected the following payments Year. Billings. Payments Received 2015: $2,300,000. $2,100,000 2016: $4,900,000. $4,700,000 2017: $3,750,000. $4,150,000 Calculate Net income for the construction project for each of the three years: a) Completed contract method? 2015: $______________ 2016: $__________________ 2017____________________. b) Percentage-of-completion method? (basis: estimated costs to complete) 2015: $______________ 2016: $__________________ 2017____________________