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On February 1, 2020, Oriole Contractors agreed to construct a building at a contract price of $3,130,000. The total estimated construction costs would be $1,555,000

On February 1, 2020, Oriole Contractors agreed to construct a building at a contract price of $3,130,000. The total estimated construction costs would be $1,555,000 and the project would be finished in 2022. Information relating to the costs and billings for this contract is as follows:

2020 2021 2022
Total costs incurred to date $ 544,250 $ 903,650 $ 2,380,000
Estimated costs to complete 1,010,750 801,350 -0-
Customer billings to date 1,100,000 1,555,000 3,130,000
Collections to date 1,000,000 1,750,000 2,950,000

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 e.g. -45 or parentheses e.g. (45).)

2020 2021 2022
Gross profit / (loss) $ $ $

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