Carla Vista Enterprises Ltd. has entered into a contract beginning in February 2023 to build two warehouses for Pharoah Structures Ltd. The contract is a non-cancellable fixed-price contract for $10.2 million. The following data pertain to the construction period.
2023
Costs for the year: $4,095,000
Estimated costs to complete: $5,005,000
Progress billings for the year (non-refundable): $3,770,000
Cash collected for the year: $3,325,000
2024
Costs for the year: $5,005,000
Estimated costs to complete: $900,000
Progress billings for the year (non-refundable): $4,430,000
Cash collected for the year: $4,480,000
2025
Costs for the year: $800,000
Estimated costs to complete: $0
Progress billings for the year (non-refundable): $2,000,000
Cash collected for the year: $2,395,000
Using the percentage-of-completion method, calculate the percentage complete for each year of the contract. (Round answers to 0 decimal places, e.g. 52%).
2023: %
2024: %
2025: %