ecognition 6 Curtiss Construction Company, Inc.. entered into a fixed-price contract with Axelrod Associates on July 1, 2018, to construct a four story office building. Al 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 $5,020,000. Curtiss concludes that the contract does not qualify for revenue recognition over time. The bulding was completed on December 31, 2020. Estimated percentage of completion, accumulated contract costs incurred, estimated costs to complete the contract, and accumulated billings to Axelrod under the contract were as follows At:12-31-2018, at 12-31-2019 iat 12-31-292? Percentage of completion Costs incuered to date Estinated costs to complete Billings to Ase Inod, to date 5 376,000 53,180,oce 5,457,000 2,210,0e 2,518,000 ,384,009 975,000 5,920,0s0 Required: 1. Compute gross profit or loss to be recognized as a result of this contract for each of the three years 2. Assuming Curtiss recagnizes revenue over time according to percentage of completion, compute gross profit or loss to be Assuming Curtiss recognizes revenue over time according to percentage of completion, compute the amount to be shown in the balance sheet at the end of 2018 and 2019 as eilther cost in excess of billings or billings in excess of costs Complete this question by entering your answers in the tabs below. Req land 2Re 3 1. Compute gross profit or loss to be recognized as a result of this contract for each of the three years. 2. Assuming Curtiss recognizes revenue over time according to percentage of completion, compute gross profit or loss to be recognized in each of the three years. (Leave no cells blank-be certain to enter 0 wherever required. Loss amounts should be indicated wt minus sign) Req 2 Gross Profit (Losa) Recognized Gross Profit (Loss) Recognized Year 2019 Prey 3of4 Neat