On January 1, Year 1, a contractor began work on a $24,000 construction contract that is expected to be completed in 3 years. At the inception date, the estimated cost of construction was $21,000. The following data relate to the actual and expected construction costs and the gross profit or loss recognized each year:

	Year 1	Year 2	Year 3
Costs incurred during each year	$ 6,300	$11,300	$4,000
Costs expected in the future	14,700	C	0
Gross profit (loss) recognized each year	A	B	800

The contractor determined that revenue from this contract is recognized over time using the input method based on costs incurred (cost-to-cost method).

Using the information above, enter in the designated 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 (0). Indicate losses using a leading minus (-) sign.

Missing Information	Answer
1. Gross profit (loss) recognized in Year 1 (A)
2. Gross profit (loss) recognized in Year 2 (B)
3. Estimate at the end of Year 2 of costs expected to be incurred during Year 3 (C)