on January 1, Year 1, a contractor be contract that is expected to be completed in 3 yeas date, the estimated cost of construction was $2 data relate loss recognized each year: gan work on a $24,000 construction 1,0o0. The following to the actual and expected costs and the gross profit or Year 3 $ 4,000 Year 1 $ 6,300o 14,700 Year 2 $11,300 Costs incurred during each year Costs expected in the future Gross profit (loss) recognized 800 each year The contr this project. Using the actor uses the percentage-of-completion method to account for information above, enter in the cells the aing information marked at the capital letters A, B, and C. Round all amounts to the nearest dollar. If the anount is zero, enter zero. If the amount is a loss, enter as a negative amount Answer Missing Information 1. Gross profit (loss) recognized in 2. Gross profit (loss) recognized in 3. Estimate at the end of Year 2 of Year 1 (A) Year 2 (B) costs expected to be incurred during Year 3