Blue Suede Construction Corp used the percentage-of-completion method of revenue recognition. They were contracted to build the new amphitheater for $800000. Additional information was provided: As of Percentage of completion 15% 40% Estimated total expected costs $550,000 $580,000 Gross profit recognized $50,000 $99,000 Contracted costs incurred during 2013 were. $145,000 $149,500 $151,000 $232,000.