Contract price of $2,400,000. Estimated. Information relating to the costs and billings for this contract is as follows: 2019 2020 2021 1,100,000 750,000 Costs incurred during the year Estimated costs to complete 700,000 1,300,000 800,000 0 Instructions 1. Using the percentage-of-completion method, compute the gross profit or loss to be recognized each year. 2- Using the cost recovery method, compute the gross profit or loss to be recognized each year