Marigold Construction specializes in the construction of commercial and industrial buildings. The contractor is experienced in bidding long-term construction projects of this type, with the typical project lasting fifteen to twenty-four months. The contractor uses the percentage-of-completion method of revenue recognition since, given the characteristics of the contractor's business and contracts, it is the most appropriate method. Progress toward completion is measured on a cost-to-cost basis. Marigold began work on a lump-sum contract at the beginning of 2021. As bid, the statistics were as follows: $3,920,000 Lump-sum price (contract price) Estimated costs Labor Materials and subcontractor Indirect costs $ 842,000 1,742,000 392,000 2,976,000 $944,000 At the end of the first year, the following was the status of the contract: $2,170,000 Billings to date Costs incurred to date Labor Materials and subcontractor Indirect costs Latest forecast total cost $456,000 640,000 185,000 1,281,000 2,976,000 It should be noted that included in the above costs incurred to date were standard electrical and mechanical materials stored on the job site, but not yet installed, costing $179,880. These costs should not be considered in the costs incurred to date. Compute the percentage of completion on the contract at the end of 2021. Percentage of completion Indicate the amount of gross profit that would be reported on this contract at the end of 2021. Gross profit Make the journal entry to record the income (loss) for 2021 on Marigold's books. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Account Titles and Explanation Debit Credit Indicate the account(s) and the amount(s) that would be shown on the balance sheet of Marigold Construction at the end of 2021 related to its construction accounts. Also indicate where these items would be classified on the balance sheet. Billings collected during the year amounted to $1,820,000. Marigold Construction Company Balance Sheet (Partial) Indicate the account(s) and the amount(s) that would be shown on the balance sheet of Marigold Construction at the end of 2021 related to its construction accounts. Also indicate where these items would be classified on the balance sheet. Billings collected during the year amounted to $1,820,000. Marigold Construction Company Balance Sheet (Partial) $ Assume the latest forecast on total costs at the end of 2021 was $3,972,000. How much income (loss) would Marigold report for the year 2021? (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Total reported in 2021