Perfectionist Construction Company was the low bidder on an office building construction contract. The contract bid was $9 million with an estimated cost to complete the project of $7 million. The contract period was 3 months starting May 1 2014. The company uses the cost-to-cost method of estimating earnings. Because of changes requested by the customer the contract price was adjusted downward to $8.6 million on May 1 2015.A record of construction activities for the years 20142017 is as follows:Year Actual Cost-Current Year Progress Billing Cash Receipts2012 $1900000 $2500000 $19000002013 $3600000 $3400000 $31000002014 $1670000 $2700000 $2500000The estimated cost to complete the contract as of the end of each accounting period is:2012 $51500002013 $16000002014 $ 0Calculate the gross profit for the years 20142016 under the percentage-of-completion method of revenue recognition. (Note: Round percentage to two decimal places for percentage completed.)

  
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