Percentage-of-completion method Robin Builders Ltd.contracted to build a high-rise for $6,000,000.Construction began in 2014 and is expected to be completed in 2017.Data for 2014 and 2015 are: 
Instructions Using the percentage-of-completion method and the cost-to-cost basis,
a)How much gross profit should be reported for 2014? Show your calculation.
b)How much gross profit should be reported for 2015? Show your calculation.
c)Prepare the journal entry to record the revenue and gross profit for 2015.
Definitions:
Bipedalism
Is the ability to walk upright on two legs, characteristic of humans and their ancestors.
Spinal Cord
A long, thin, tubular structure made up of nervous tissue, which extends from the brain down the back, transmitting nerve signals between the brain and the rest of the body.
Human Childbirth
The process of delivering a baby from the uterus to the outside world, typically through stages of labor and delivery.
Birth Canal
The passageway comprising the cervix, vagina, and vulva through which a fetus travels during birth.
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