?(Long-Term Contract with an Overall Loss) On July 1, 2012, Torvill Construction Company Inc. contracted tobuild an office building for Gumbel Corp. for a total contract price of $1,900,000. On July 1, Torvill estimatedthat it would take between 2 and 3 years to complete the building. On December 31, 2014, the building wasdeemed substantially completed. Following are accumulated contract costs incurred, estimated costs tocomplete the contract, and accumulated billings to Gumbel for 2012, 2013, and 2014