HighRise Construction Company, Inc., entered into a fixed-price contract with Rentals-R-Us Suppliers Inc. on July 1, 2018, to construct a four-story sales and office building. At that time, HighRise estimated that it would take between two and three years to complete the project. The total contract price for construction of the building is $5,000,000. HighRise concludes that the contract qualifies for revenue recognition over time according to percentage of completion. 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 Rentals-R-Us Suppliers Inc. under the contract were as follows: 1. For each of the three years, prepare a schedule to compute total gross profit or loss to be recognized as a result of this contract. 2. Assuming HighRise does not recognize revenue over time, compute gross profit or loss to be recognized in each of the three years. 3. Assuming HighRise does not recognize revenue over time according to the percentage of completion method, 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