On February 1, 2014, Marsh Contractors agreed to construct a building at a contract price of $5,800,000. Marsh estimated total construction costs would be $4,000,000 and the project would be finished in 2016. Information relating to the costs and billings for this contract is as follows: 
InstructionsFill in the correct amounts on the following schedule. For percentage-of-completion accounting and for completed-contract accounting, show the gross profit that should be recorded for 2014, 2015, and 2016. 
Definitions:
Aversion
A strong dislike or disinclination towards something.
Shocked
A sudden and intense emotional or physical reaction caused by an unexpected event or information.
Edward Thorndike
An American psychologist known for his work in comparative psychology and educational psychology, and for his theory of connectionism.
Wooden Box
A container made out of wood used for storage, transporting items, or as decorative objects.
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