L 13 (a) Using the percentage-of-completion method, compute the estimated gross profit that would be recognized during each year of theconstruction period. (If answer is 0, please enter O. Do not leave any fields blank.)Gross profit recognized in 2020Gross profit recognized in 2021Gross profit recognized in 2022$$(b) Using the completed-contract method, compute the estimated gross profit that would be recognized during each year of theconstruction period. (If answer is 0, please enter O. Do not leave any fields blank.)Gross profit recognized in 2021Gross profit recognized in 2022Gross profit recognized in 2020 $$$ Whispering Construction Company has entered into a contract beginning January 1, 2020, to build a parking complex. It has beenestimated that the complex will cost $596,000 and will take 3 years to construct. The complex will be billed to the purchasing companyat $905,000. The following data pertain to the construction period.Costs to dateEstimated costs to completeProgress billings to date.Cash collected to date2020$250,320345,680273,000243,0002021$464,880131.120554,000504,0002022$608,000-0-905,000905,000

Gross profit recognized under Percentage of completion method=Costs to dateTotal estimated…

Whispering 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 $596,000 and will take 3 years to construct. The complex will be billed to the purchasing company at $905,000. The following data pertain to the construction period. Costs to date Estimated costs to complete Progress billings to date Cash collected to date 2020 $250,320 345,680 273,000 243,000 2021 $464,880 131.120 554,000 504,000 2022 $608,000 -0- 905,000 905,000