Please help me understand how to approach this problem. the numbers have been altered to avoid any violations. all

of these questions are connected. thank you

USE THE FOLLOWING INFORMATION TO ANSWER THE NEXT (3) QUESTIONS:

During Year 1, Sparky Construction Company has a contract to construct a $4,500,000 high-rise apartment building at an estimated cost of $4,000,000. The contract is to start in July of Year 1 and the high-rise apartment building is to be completed in October of Year 3. The following data pertain to the construction period (Note: by the end of Year 2, Sparky has revised the estimated total cost from $4,000,000 to $4,050,000)

What is Sparky’s percentage completion in Year 2?  _________________________%

Using the information in #5 above, determine how much Revenue Sparky should report in Year 3. $________________________

Using the information from #5 above, determine the amount of Gross Profit Sparky should report in Year 2:  $_____________________________

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