On february1, 2018 X contractors agreed to construct a building at a contract price of $8,40,0000. X estimated total construction costs would be 5,880,000 and the project would be finished in2020. Information are as follow

12/31/1812/31/1912/31/20

Total costs incurred to date. 2,058,0003,773,0006,580,000

Estimated costs to complete3,822,0003,087,0000

Costumerbillings to date3,080,0005,600,0008,400,000

Collection to date2,800,0004,900,0008,260,000

Indicate the amount of gross profit or loss (in parentheses) which would be recorded for 2018,2019 and 2020, using the two methods of percentage of completion and completed contract.

gross profit (loss)

percentage of completion

gross profit (loss)

completed contract

2018

2019

2020