$ Cost incurred to date Estimated costs to complete 2018 2019 2020 532,500 $ 1,995,000 $ 3,410,000 3,017,500 4,655,000 2,090,000 2021 5,150,000 0 Print Done Assume the following facts for a construction contract that was completed over four years. The contract price is $5.9 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.) GP (Loss) prev. Est. % complete (or 100% if expected loss] Estimated GP (Loss) ) - GP (Loss) 2018 $532,500/$3,550,000 x 100 ) - 0 2019 ( 100 % X ) - 2020 $3,410,000/$5,900,000 x 100 )- recognized % x % x 2021 100 %