Assume the following facts for a construction contract that was completed over four years. The contract price is $5.4 million. B (Click the icon to review the contract data.) Required Using the percentage of completion method, compute the gross profit or loss to be recognized as a result of this contract for each of the four years. The company used the cost-to-cost method to estimate the percentage complete. Contract data x Determine the formula that will be used to calcul profit; GP prev. recognized = Gross profit previo parentheses for a loss.) gross profit (loss) each year. (Abbreviations used: GP = Gross "O" for amounts with a zero balance. Use a minus sign or ( 2018 Est. % complete or 100% if expected lo | $ 2018 660,000 $ 2,640,000 2021 4,900,000 Cost incurred to date Estimated costs to complete 2019 2020 1,845,000 $ 2,832,500 4,305,000 2,317,500 Print Print Done Done