On July 1, 2020, Crane Construction Company Inc. contracted to build an office building for Gumbel Corp. for a total contract price of $ 1,910,000. On July 1, Crane 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. At 12/31/20 At 12/31/21 At 12/31/22 $327,800 $ 1.180,000 $ 2,090,400 Contract costs incurred to date Estimated costs to complete the contract Billings to Gumbel 1,162,200 820,000 -0- 300,000 1.110,000 1,870,000 (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 O, please enter O. Do not leave any field blank. If an amount should be deducted then enter the amount using either a negative sign prececeding the number eg.-45 or parenthesis es.(45 2020 Costs to date (12/31/20) 327800 Estimated Costs to Complete 1162200 Estimated Total Costs 1490000 Percent Complete 29 %6 Revenue Recognized V $ 551000 Costs incurred 327800 Profit/(Loss) Recognized in 2020 $ 223200 2021 Costs to date (12/31/21) v 1180000 Estimated Costs to Complete 820000 Estimated Total Costs 2000000 Contract Price Total Prot/Loss $ Total Prot/Loss Gross Profit Recognized in 2020 Profit/(Loss) Recognized in 2021 S 2022 Costs to date (12/31/22) $ 2020400 Estimated Costs to Complete v Contract Price Total Prot/Loss Total Profit/Loss Profit/Loss Recognized in 2021 $ Profit/(0) Recognized to 2020 . Profit/Loss Recognized in 2022 (b) Using the completed-contract 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 O. please enter O. Do not leave any fields blank. If an amount should be deducted then enter the amount using either a negative sign prececeding the number es. -45 or parenthesis eg. (45)) 2021 Estimated Total Costs v Contract Price Profit/(Loss) Recognized in 2021 $ 2022 Costs incurred $ Contract Price Total Profit/(Loss) on Contract Profit/Cons) Recognized in 2021 Profit/(Loss) Recognized in 2022 $