Long-ferm Contracts Koolman Construction Company began work on a contract in 2019. The contract price is $3,000,000, and the company determined that its performance obilgation wa satisfied over time. Other information reloting to the contract is as fo: 1. Compute the gross profit or loss recognized in 2019 and 2020. If there is a loss a minus sign must be entered 2. Prepare the appropriate sections of the Incame statement for each yeari. If there is a loss a minus sign must be entered. KOOLMAM CONSTRUCTION COMPANY Partial Income Statement For the Years Ended December.31.2019 and Prepare the apprepiate sections of the ending balance sheet for the year 2019. Prepare the appropriate sections of the ending balance sheet for 2020. Prepare the appropriate sections of the ending balance sheet for 2020