Current Attempt in Progress Your answer is partially correct. On March 1, 2020, Pearl Construction Company contracted to construct a factory building for Fabrik Manufacturing Inc. for a total contract price of $8,400,000. The building was completed by October 31, 2022. The annual contract costs incurred, estimated costs to complete the contract, and accumulated billings to Fabrik for 2020, 2021, and 2022 are given below: 2020 2021 2022 Contract costs incurred during the year $2,683,800 $2,280,200 $2,336,000 Estimated costs to complete the contract at 12/31 3,706,200 2,336,000 -0- Billings to Fabrik during the year 3.180,000 3,500,000 1,720,000 (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, 2020, 2021, and 2022. (Ignore income taxes.) (If answer is 0, please enter O. Do not leave any fields blank. Enter loss using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) 2020 Costs to date (12/31/20) $ 2,683,800 Estimated Costs to Complete V 3,706,200 Estimated Total Costs 6390000 Percent Complete 42 % Revenue Recognized $ Costs incurred Profit/(Loss) Recognized in 2020 V Question 5 of 6 19.05 / 40 III 2021 Costs to date (12/31/21) 2,280,200 Estimated Costs to Complete V 2,336,000 Estimated Total Costs 4616200 Percent Complete 49 % 2022 Total Revenue Recognized $ 2,336,000 Total Costs Incurred Total Profit on Contract 2,336,000 BIBIL Less : Profit Previously Recognized Profit/(Loss) Recognized in 2022 (b) Using the completed-contract method, prepare schedules to compute the profit or loss to be recognized as a result of this contract for the years ended December 31, 2020, 2021, and 2022. (Ignore income taxes.) (If answer is 0, please enter 0. Do not leave any fields blank. Enter loss using either a negative sign preceding the number eg. -45 or parentheses e.g. (45).) 2022 Total Revenue Recognized 2,336,000 Total Costs Incurred Total Profit on Contract 2,336,000 DOTTI Less V: Profit Previously Recognized Profit/(Loss) Recognized in 2022 b) Using the completed-contract method, prepare schedules to compute the profit or loss to be recognized as a result of this contract or the years ended December 31, 2020, 2021, and 2022. (Ignore income taxes.) (If answer is 0, please enter 0. Do not leave any fields lank. Enter loss using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) 2020 $ 2021 $ 2022 $