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Can someone help me finish this thanks Question1 On July 1, 2017, Teal Construction Company Inc. contracted to build an office building for Gumbel Corp.

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Question1 On July 1, 2017, Teal Construction Company Inc. contracted to build an office building for Gumbel Corp. for a total contract price of $1,920,000. On July 1, Teal estimated that it would take between 2 and 3 years to complete the building. On December 31, 2019, the building was deemed substantially completed. Following are accumulated contract costs incurred, estimated costs to complete the contract, and accumulated billings to Gumbel for 2017, 2018, and 2019 At At At 12/31/17 12/31/18 12/31/19 Contract costs incurred to date Estimated costs to complete the contract Billings to Gumbel $312,900 $1,096,200 $2,139,000 933,800 1,177,100 290,000 1,110,000 1,880,000 (a) Using the percentage-of-completion method, prepare schedules to compute the profit or loss to be recognized as a result of this contract for the years ended December 31, 2017, 2018, and 2019. (Ignore income taxes.) (If answer is 0, please enter 0. Do not leave any field blank.) 2017 Costs to date (12/31/17) 312900 Estimated Costs to Complete 1177100 Estimated Total Costs 1467100 Percent Complete Revenue Recognized Costs Incurred 312900 Profit/Loss) Recognized in 2017$

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