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On February 1, 2023. Cullumber Contractors agreed to construct a building at a contract price of $3,190,000. The total estimated construction costs would be $1,825,000

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On February 1, 2023. Cullumber Contractors agreed to construct a building at a contract price of $3,190,000. The total estimated construction costs would be $1,825,000 and the project would be finished in 2025 . Information relating to the costs and billings for this contract is as follows: Calculate the gross profit/ (loss) that should be recosnized for 2023, 2024, and 2025 using the percentage completion method, (Enter negative amounts using either a negotive sign preceding the number eg. -45 or porentheses eg. (45). Round percentage complete to 1 decimal place, es. 15.2\% and final answers to 0 decimal ploces, es. 5. 125.)

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