Chapter 6 Homework A Saved 4 At 12-31-2021 10% $ 350,000 3,150,000 720,000 Percentage of completion Costs incurred to date Estimated costs to complete Billings to Axelrod, to date At 12-31-2022 60% $2,500,000 1,700,000 2,170,000 At 12-31-2023 100% $4,250,000 2 points 4,000,000 eBook 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. Print References Complete this question by entering your answers in the tabs below. Req 1 and 2 Reg 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. Balance Sheet (Partial) 2021 2022 Current assets Costs less loss in excess of billings Current liabilities: Billings in excess of costs and profit