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On July 1, 2020, Vaughn Construction Company Inc. contracted to build an office building for Gumbel Corp. for a total contract price of $1,920,000. On July 1 , Vaughn estimated that it would take between 2 and 3 years to complete the building. On December 31 , 2022, the building was deemed substantially completed. Following are accumulated contract costs incurred, estimated costs to complete the contract, and accumulated billings to Gumbel for 2020,2021, and 2022. (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 onswer is 0, please enter 0. Do not leave any field blank. If an amount should be deducted then enter the amount using elther a negative sign prececeding the number es. 45 or parenthesis e.g. (45).). (45)) (b) Using the completed-contract method. prepare schedules to compute the profit or loss to be rectognited as a result of this contract for the years ended December 31, 2020, 2021, and 2022 . (ignore income taxes) (Of arsever a Q pleose enter a Do not iave any felfy blank. If an amount should be deducted then enter the omount uting either a neguthe fign prectectifg the number es 45 or parmenesif es (45)