on January 1, Year 1, a contractor began work on a $24,000 construction contract that is expected to be completed in 3 date, the estimated cost of construction was $21,000. The following years. At the inception data relate loss recognized each year: to the actual and expected costs and the gross profit or Year Year 1 Year 2 Costs incurred during each year 6,300 $11,300 4,000 Costs expected in the future Gross profit (loss) recognized 14,700 800 each year The contractor uses the percentage-of-completion method to account for this project. Using the information above, enter in the cells the missing information marked at the capital letters A, B, and C. Round all amounts to the nearest dollar. If the amount is zero, enter zero. If the amount is a loss, enter as a negative amount Answer Missing Information 1.Gross profit (loss) recognixed in 2. Gro ss profit (loss) recognized in 3. Estinate at the end of Year 2 of Year 1 (A) Year 2 (B) costs expected to be incurred during Year 3