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On February 1, 2020, Cullumber Contractors agreed to construct a building at a contract price of $ 3,010,000. The total estimated construction costs would be

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On February 1, 2020, Cullumber Contractors agreed to construct a building at a contract price of $ 3,010,000. The total estimated construction costs would be $2,145,000 and the project would be finished in 2022. Information relating to the costs and billings for this contract is as follows: 2020 2021 2022 $ 825.825 $ 1.354,050 $ 2,265,000 1,319,175 940,950 -0- Total costs incurred to date Estimated costs to complete Customer billings to date Collections to date 1,100,000 2.145,000 3,010,000 2,950,000 1,000,000 1,750,000 Calculate the gross profit/(loss) that should be recognized for 2020, 2021, and 2022 using the percentage completion method. (Enter negative amounts using either a negative sign preceding the number o.s. -45 or parentheses es. (451) 2020 2021 2022 Gross profit/(loss)

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