II. On January 1, Year 1, a contractor began work on a $24,000 construction expected to be completed in 3 years. At the inception contract that is date, the estimated cost of construction was $21,000. The following data relate to the actual and expected costs and the gross profit or loss recognized each year: Year 1 6,300 14,700 Year 2 Year 3 $11,300 4,000 Costs incurred during each year Costs expected in the future Gross profit (loss) recognized each year 800 The contractor uses the percentage-of-completion method to account for this project. Using the information above, enter in the cells the missing information marked at the capital letters A, B, and C. Round all amounts to the nearest dollar. If the amount is zero, enter zero. If the amount is a loss, enter as a negative amount Missing Information Answer 1. Gross profit (loss) recognized in 2. Gross profit (loss) recognized in 3. Estimate at the end of Year 2 of Year 1 (A) Year 2 (B) costs expected to be incurred during Year 3