On January 1, 2019, Marsh Contractors agreed to construct a building at a contract price of $17,400,000. Marsh estimated total construction costs would be $12,000,000 and the project would be finished in 2021. Information relating to the costs and billings for this contract is as follows: 2019 2021 2020 $7,920,000 Total costs incurred to $4,500,000 $14,900,000 date Estimated costs to 7,500,000 5,280,000 0 complete Customer billings to date Collections to date 4,200,000 4,000,000 7,800,000 7,500,000 17,400,000 17,400,000 Assume that the Company uses the PERCENTAGE-OF-COMPLETION METHOD for revenue recognition. The Company's financial year-end is 31 December. Required (a) Compute the amount of gross profits or losses to be recognized in 2019, 2020 and 2021