View Policies Current Attempt in Progress Culver Construction Company has entered into a contract beginning January 1, 2020, to build a parking complex. It has been estimated that the complex will cost $600,000 and will take 3 years to construct. The complex will be billed to the purchasing company at $901,000. The following data pertain to the construction period. 2022 2021 $432,000 $612,000 2020 $246,000 354.000 270,000 240,000 168,000 Costs to date Estimated costs to complete Progress billings to date Cash collected to date -0- 546,000 901,000 496,000 901,000 (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 0, please enter 0. Do not leave any fields blank.) Gross proft recognized in 2020 $ 123410 Gross profit recognized in 2021 $ 216720 Gross profit recognized in 2022 5 (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 0, please enter O. Do not leave any fields blank) $ 0 Gross profit recognized in 2020 $ 0 Gross profit recognized in 2021 $ 289000 Gross profit recognized in 2022