Creation Construction Company (CCC)has Contracted to Build an Office Building

Creation Construction Company (CCC)has contracted to build an office building for Property Corp. The construction started on January 1, 2021, and the project was completed on July 1, 2024. The contract price was $70 million. Due to uncertainties in the construction process, the two parties to the project agreed to a risk-sharing arrangement whereby Property Corp. covers 50% of all cost overruns in excess of the originally estimated cost of $65 million (e.g., if estimated total costs are $69 million, then CCC would receive an additional $2 million for the contract). The following data relate to the construction period.
$$\begin{array} { | l | r | r | r | r | } \hline & 2021 & 2022 & 2023 & 2024 \\\hline \text { Costs incurred to date } & 16,500 & 42,900 & 56,100 & 69,000 \\\hline \text { Estimated costs to complete } & 49,500 & 35,100 & 9,900 & 0 \\\hline \text { Billings during the year } & 24,000 & 38,600 & 61,600 & ? ? ? ? \\\hline \text { Collections during the year } & 19,000 & 35,100 & 58,100 & 68,500 \\\hline\end{array}$$ Required:
Calculate the estimated gross profit (loss)for 2021, 2022, 2023, and 2024, assuming that the percentage of completion method is used.