129.42/150 Curtis Construction Company incontined into a forice contract with Arred Associatesos y 1.2021 to construct a four-story oice bulding. At that time. Curtis estimated that would take between two and the years to complete the project. The total continct price for construction of the building is $4.900.000. The building was completed on December 31, 2023. Estimated percentage of completion, accumulated correct costs incuted, esined couts to complete the contract, and accumulated Dings to Aerod under the contract were as follows V of species ale E to complete MM 13, 31.730.00 5,210, 1.120.000 2.210.100 2003 14.995.000 4.300.000 Reged: 1. Compute Gross profit or loss to be recognized as a result of this contract for each of the tree years Cuts concerte correct does not only for revence recognition over time 2. Ang Currecognises revenue over time according to percentage of completion comune gross prolt or loss to be din ech of the three year 2.Amine Curtis recomes over time according to percentage of completion.comune remoto be shown in the ce sheet the and of 2021 and 2022 hercovincess of big blings in exces of costs Complete this question by entering your swers in the tabe below. Le carrof the contra for an arm conclude Den Ang Curtowning most beiden 10 TO Mage Curtiss Construction Company, Inc., entered into a fixed price contract with Axelrod As office building. At that time, Curtiss estimated that it would take between two and three contract price for construction of the building is $4,300,000. The building was complet percentage of completion accumulated contract costs incurred, estimated costs to cor Axelrod under the contract were as follows: Percentage of completion Coste incurred to date Estimated costs to complete Billing to Atelrod, to date at 12-01-2021 AL 12-3-2022 AL 12-1-2023 108 600 1000 $364,000 52.730,000 $6,505,000 3,276,000 1,820,000 725,000 2,270,000 4,300,000 Required: 1. Compute gross profit or loss to be recognized as a result of this contract for each of the contract does not qualify for revenue recognition over time. 2. Assuming Curtiss recognizes revenue over time according to percentage of completior recognized in each of the three years. 3. Assuming Curtis recognizes revenue over time according to percentage of completion balance sheet at the end of 2021 and 2022 as either cost in excess of billings or billings in Complete this question by entering your answers in the tabs below. Real and 2 Reg 3 Assuming Curtis recognises revenue over time according to percentage of completion, comput the balance sheet at the end of 2021 and 2022 as the cost in excess of billings origine 2022 Cumunta Cossession of Wings 5460,000 Current Bing in one and profit 5 295.000 Haganda Required Information The following information applies to the questions displayed below) In 2021, the Westgate Construction Company entered into a contract to construct a road for Santa Clara County for $10,000,000. The road was completed in 2023. Information related to the contract is as follows: Cost Ineurred during the year Estimated costs to complete as of year-end Billings during the year Canh collection during the year 2023 $2,400,000 5.600.000 2,000,000 1,800,000 2022 2023 $3,600,000 $2,200,000 2,000,000 D 4,000,000 4.000.000 3,600,000 4,600,000 Westgate recognizes revenue over time according to percentage of completion 5. Calculate the amount of revenue and gross profit floss) to be recognized in each of the three years assuming the following costs incurred and costs to complete information. (Do not round intermediate calculations and round your final answers to the nearest whole dollar amount. Loss amounts should be indicated with a minus sign.) 2021 $2.400.000 5,600,000 costs incurred during the year tatimated costs to complete as of year-end 2022 $3,800,000 4,100,000 -2023 $3,900,000 $ 2021 3.000.000 800,000 Revenue Gross profit (los) 2022 3,019.400$ (780.600) $ 2023 3.980,000 80,000