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Saved Reinforcement HW_Ch5(SNT 2 Curtiss Construction Company. Inc., entered into a fixed-price contract with Axelrod Associates on July 1. 2018, 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 $4,180,000. Curtiss concludes that the contract does not qualify for revenue recognition over time. The building 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 30 At 12-31-2018 At 12-31-2019 At 12-31-2020 100% letion 10 60% Costs E timated eost8 to complete Billings to Axelrod, to date 362, 000 , 646,000 $4, 463,000 1, 769, 000 to date 3, 258, 000 723,000 2,230,000 4,180, 000 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 recognizes revenue over time according to percentage of completion, compute gross profit or loss to be recognized in each of the three years. 3. 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 either cost in excess of billings or billings in excess of costs Complete this question by entering your answers in the tabs below Req land 2Rea 3 fit or loss to recognized as a result of this con 1. Compute gross pro be 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 "o" wherever required. Loss amounts should be indicated with ng Curtiss Gross Profit (Loss) Recognized Gross Profit (Loss) Recognized Year 2018 2019 2 $2, 646, 000 1,764, 000 2,230, 000 s362, 0o0 $4,463,000 Estinated costs to complete Bi1lings to Axelrod, to date 4,180,000 723,000 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 recognizes revenue over time according to percentage of completion, compute gross profit or loss to be recognized in each of the three years 3. 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 either cost in excess of billings or billings in excess of costs. 30 Complete this question by entering your answers in the tabs below Req 1and 2Req 3 1. Compute gross profit or loss to be recognized as a result of this contract for each of the three years. 2. 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 "O" wherever required. Loss amounts should be indicated with a minus sign.) Assuming Curtiss Gross Profit (Loss) Recognized Gross Profit (Loss) Recognized 2018 Req 3> 2 costs incurred, estimated costs to complete the contract, and accumuliated billings to Avelrod under the contract were as follows 10 362, 000 3,25B, 000 723,000 60 $2,646, 000 1,764, 000 , 230, 000 tage ot 100 S4, 463, 00 Estimated costs to complece Bi11ings to Axelrod, to date 0 4, 180. 000 Required: 1. Compute gross profit or loss to be recognized as a result of this contract for each of the three years 2. g Curtiss recognizes revenue over time according to percentage of completion, compute gross profit or loss to be n each of the three years 3. 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 either cost in excess of billings or billings in excess of costs. Complete this question by entering your answers in the tabs below Req land 2Req 3 Assuming Curtiss the balance sheet at the end of 2018 and 2019 as either cost in exceis of bilings or bilings n excress of cog t to be shown in costs C Req 1and 2