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Curtiss Construction Company, Inc., entered into a fed-price contract with Axelrod Associates on July 1 2018, 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 bulding is $4780,000 Curtiss concludes that the contract does not qualify for revenue recognition over time. The building was completed on December 31, 2020. 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: Percentage of completion Coots incurred to date Tstimated costs to complete Billings to Axelrod, to date xt 12-31-2018 12-31-2019 M 12-11-2020 100 600 100 $ 372,000 $3,066,000 $5,173,000 3,348,000 2,044,000 . 733,000 2.430,000 4,780,000 Required: 1. Compute gross profit or loss to be recognized as a result of this contract for each of the three years 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 Curtis recognizes revenue over time according to percentage of completion, compute the amount to be shown in the balance sheet at the end of 2018 and 2019 as either cost in excess of blings or billings in excess of costs. Complete this question by entering your answers in the tabs below. Regland 2 Reg 1. Compute gross profit or loss to be recognized as a result of this contract for each of the three years. Assuming Curtis 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 to wherever required. Loss amounts should be indicated with minus in Show Reg1 Gross Pront Loss Recognized upon Completion Raga Gross Profit Recond Year 2018 2014 2020 Total project propos S