7 Curtiss Construction Company, Inc., entered into a fixed price contract with Axelrod Associates on July 1 2021, to construct a four-story office building. At that time, Curtiss estimated that it would take between two and three years to complete the project. The total contract price for construction of the building is $4720,000. The building was completed on December 31, 2023. Estimated percentage of completion. accumulated contract costs incurred, estimated costs to complete the contract, and accumulated billings to Axelrod under the contract were as follows: 208 Doints Spoed At 12-31 2021 10% At 12-31 2022 eBook At 12-31- 2022 60% $3,024,000 100% $5, 102,000 Percentage of completion Costs incurred to date Estimated costs to complete Billings to Axelrod, to date $ 371,000 3,339,000 Print 2,016,800 732,000 2,410,000 4,720,000 Pences Required: 1. Compute gross profit or loss to be recognized as a result of this contract for each of the three years, Curtiss concludes that the contract does not qualify for revenue recognition over time. 2. Assuming Curtiss recognizes revenue over time according to percentage of completion, compute gross profit or loss to be recognized in each of the three years. 3. Assuming Curtiss recognizes revenue over time according to percentage of completion, compute the amount to be shown in the balance sheet at the end of 2021 and 2022 as either cost in excess of billings or billings in excess of costs. Complete this question by entering your answers in the tabs below. og and 1. Compute gross profit or loss to be recognized as a result of this contract for each of the three years Curtis concludes that the contract does not quality for revenge recognition over time. Assuming Curtis recognizes revenue over time according to percentage of completion, computers profit or loss to be recognized by each of the three years. (dave no calls blank 7. 08 Required: 1. Compute gross profit or loss to be recognized as a result of this contract for each of the three years. Curtiss concludes that the contract does not qualify for revenue recognition over time. 2. Assuming Curtiss recognizes revenue over time according to percentage of completion, compute gre profit or loss to be recognized in each of the three years. 3. Assuming Curtiss recognizes revenue over time according to percentage of completion, compute the amount to be shown in the balance sheet at the end of 2021 and 2022 as either cost in excess of billing billings in excess of costs. Skopped eBook Complete this question by entering your answers in the tabs below. Reg 1 and 2 Reg 3 References 1. Compute gross profit or loss to be recognized as a result of this contract for each of the three years. Curtiss concludes that the contract does not qualify for revenue recognition over time. 2. Assuming Curtiss recognizes revenue over time according to percentage of completion, compute gross profit or loss to be recognized in each of the three years. (Leave no cells blank be certain to enter "o" wherever required. Loss amounts should be indicated with a minus ilgn.) Show less Year Rey1 Reg 2 Gross Profit (Loss) Recognized Gross Profit (Loss) Recognized "Upon Completion ("Over Time 2021 2022 2023 Total project profitosa) $ 05 Reg 3 > 7 208 Dot Required: 1. Compute gross profit or loss to be recognized as a result of this contract for each of the three years. Curtiss concludes that the contract does not qualify for revenue recognition over time. 2. Assuming Curtiss recognizes revenue over time according to percentage of completion, compute gross profit or loss to be recognized in each of the three years. 3. Assuming Curtiss recognizes revenue over time according to percentage of completion, compute the amount to be shown in the balance sheet at the end of 2021 and 2022 as either cost in excess of billings or billings in excess of costs. Sipped eBook Complete this question by entering your answers in the tabs below. Print Req 1 and 2 Reg 3 References Assuming Curtis recognizes revenue over time according to percentage of completion, compute the amount to be shown in the balance sheet at the end of 2021 and 2022 as either cont in excess of billings or billings in excess of costs. Balance Sheet (Partial 2021 2022 Current assets Current liabilities