On July $1,2025,$ Wildhorse Construction Company Inc. contracted to build an office building for Sheffield Corp. for a total contract price of $$1,920,000.$ On July $1,$ Wildhorse estimated

that it would take between $2$ and $3$ years to complete the building. On December $31,2027,$ the building was deemed substantially completed. Following are accumulated contract costs

incurred, estimated costs to complete the contract, and accumulated billings to Sheffield for $2025,2026,$ and $2027.$ Using the percentage$-$of$-$completion method, prepare a schedule to compute the profit or loss to be recognized as a result of this contract for the year ended December $31,2027.$

$($Ignore income taxes.$)($If answer is $0,$ please enter O$.$ Do not leave any fields blank.$)$

$2027$

Costs to Date $(\frac{12}{31}\frac{?}{27})$

Estimated Costs to Complete

Loss Recognized in $2026$

$$

$ Your answer is incorrect.

Using the cost$-$recovery method, prepare schedules to compute the profit or loss to be recognized as a result of this contract for the years ended December $31,2025.($Ignore income

taxes.$)($If answer is $0,$ please enter $0.$ Do not leave any fields blank.$)$

$2025$$ Using the cost$-$recovery method, prepare a schedule to compute the profit or loss to be recognized as a result of this contract for the years ended December $31,2026.($Ignore income

taxes.$)($If answer is $0,$ please enter O$.$ Do not leave any fields blank.$)$

$2026$

$

$

eTextbook and MediaUsing the cost$-$recovery method, prepare a schedule to compute the profit or loss to be recognized as a result of this contract for the years ended December $31,2027.($Ignore income

taxes.$)($If answer is $0,$ please enter $0.$ Do not leave any fields blank.$)$

$2027$

$

:

$.$