Assume the following facts for a construction contract that was completed over four years. The contract price is $6 million. (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. Determine the formula that will be used to calculate the gross profit each year under the cost-to-cost method. Then enter the amounts to calculate the gross profit (loss) each year. (Abbreviations used: GP = Gross profit; GP prev. recognized = Gross profit previously recognized. Do not round until your final answer. Then round to the nearest whole dollar. Enter a "0" for amounts with a zero balance. Use a minus sign or parentheses for a loss.) X = GP (Loss) X Contract data L...... 2018 2019 2020 2021 Cost incurred to date $ 680,000 $ 2,376,000 $ 3,240,000 4,750,000 Estimated costs to complete 2,720,000 4,224,000 2,160,000 0 Print Done