On July 1, 2020, Bonita Construction Company Inc. contracted to build an office building for Gumbel Corp. for a total contract price of $1,920,000. On July 1, Bonita estimated that it would take between 2 and 3 years to complete the building. On December 31, 2022, the building was deemed substantially completed. Following are accumulated contract costs incurred, estimated costs to complete the contract, and accumulated billings to Gumbel for 2020, 2021, and 2022. Contract costs incurred to date Estimated costs to complete the contract Billings to Gumbel At 12/31/20 $312,900 1,177,100 290,000 At 12/31/21 $1,096,200 933,800 1,110,000 At 12/31/22 $2,139,000 -0- 1,880,000 (a) Using the percentage-of-completion method, prepare schedules to compute the profit or loss to be recognized as a result of this contract for the years ended December 31, 2020, 2021, and 2022. (Ignore income taxes.) (If answer is 0, please enter 0. Do not leave any field blank. If an amount should be deducted then enter the amount using either a negative sign prececeding the number e.g. -45 or parenthesis e.g. (45).) (a) Using the percentage-of-completion method, prepare schedules to compute the profit or loss to be recognized as a result of this contract for the years ended December 31, 2020, 2021, and 2022. (Ignore income taxes.) (If answer is 0, please enter 0. Do not leave any field blank. If an amount should be deducted then enter the amount using either a negative sign prececeding the number e.g. -45 or parenthesis e.g. (45).) 2020 Costs to date (12/31/20) $ 312900 Estimated Costs to Complete 1177100 Estimated Total Costs $ 1490000 Percent Complete 21 % Revenue Recognized $ 403200 Costs Incurred 290000 Profit/(Loss) Recognized in 2020 $ 113200 2021 Costs to date (12/31/21) 933800 Estimated Total Costs -1920000 Total Profit/Loss > $ 110000 Total Profit/Loss > $ 110000 Profit/Loss Recognized in 2020 933800 Profit/(Loss) Recognized in 2021 $ 1043800 2022 Costs to date (12/31/22) $ 2139000 Estimated Costs to Complete > 933800 -1920000 Contract Price