Curtiss Construction Company, Inc., entered into a fixed-price contract with Axelrod Associates on July 1, 2021, to construct a four-story office building. At that time. Curtiss estimated that it would take between two and three years to complete the project. The total contract price for construction of the building is $5,080,000. The building was completed on December 31, 2023. Estimated percentage of completion, accumulated contract costs incurred, estimated costs to complete the contra ct, and accumulated billings to Axelrod under the contract were as follows: At 1231-2021 At 12-31-2022 A1: 1231-2023 Percentage of completion 13% 804: 133% Costs incurred to date 35- 322,003 $3,226,000 $5,528,033 Estimated costs to complete 3,393,003 2,184,000 3 BilLings to Axelrod, to date 238,003 2,533,000 5,380,033 Required: 1. Compute gross prot or loss to be recognized as a result of this contract for each of the three years- lCurtiss concludes that the contract does not qualify for revenue recognition over time. 2. Assuming l[Zurtiss recognizes revenue over time according to percentage of completion, compute gross prot or loss to be recognized in each of the three years. 3. Assuming lCurtiss 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