Percentage-of-completion and completed-contract methods On February 1, 2014, Owl Contractors agreed to construct a building at a total contract price of $3,000,000.Owl estimated total construction costs would be $2,000,000 and the project would be finished in 2016.Information relating to the costs and billings for this contract is as follows: 
Instructions Using the percentage-of-completion the completed-contract methods, calculate the gross profit that should be reported for 2014, 2015, and 2016.Fill in the correct amounts on the following schedule: 
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