During 2020, Pina Colada Corporation started a construction job with a contract price of $5.32 million. Pina Colada ran into severe technical difficulties during construction but managed to complete the job in 2022. The contract is non-cancellable. Under the terms of the contract, Pina Colada sends billings as revenues are earned. Billings are non-refundable. The following information is available:

		2020		2021		2022
Costs incurred to date		$ 760,000		$2,660,000		$5,220,000
Estimated costs to complete		3,990,000		2,660,000		-0-

(a)

Calculate the amount of gross profit that should be recognized each year under the percentage-of-completion method. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)

		2020		2021		2022
Gross profit / (loss)