On July 1, 2020, Cullumber Construction Company Inc. contracted to build an office building for Gumbel Corp. for a total contract price of $1,900,000. On July 1, Cullumber 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 Contract costs incurred to date $319,200 $1,134,300 $2,082,500 Estimated costs to complete the contract Billings to Gumbel 1,200,800 855,700 -0- 310,000 1,110,000 1,850,000 (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 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 e.g. -45 or parenthesis e.g. (45).) Estimated Costs to Complete Costs to date (12/31/20) Estimated Total Costs Percent Complete Costs Incurred Revenue Recognized 2020 Profit/ (Loss) Recognized in 2020 +A +A A +A 1,200,800 319,200 1,520,000 21 % 319,200 239,400 79,800 Estimated Costs to Complete 2021 Costs to date (12/31/21) Estimated Total Costs Contract Price Total Profit/Loss Estimated Total Costs Gross Profit Recognized in 2020 Profit/(Loss) Recognized in 2021 +A 855,700 1,134,300 1,990,000 2,041,300 $ (51,300) +A $ (210,900) 79,800 +A $ (131,100) Estimated Costs to Complete Costs to date (12/31/22) Contract Price Estimated Total Costs Total Profit/Loss 2022 Profit/(Loss) Recognized in 2020 + $ 79,800 Profit/(Loss) Recognized in 2021 + Profit/(Loss) Recognized in 2022 131,100 $ $ 0 2,082,500 2,082,500 $ 182,500 51,300 $ 131,200 (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 0, 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 e.g. -45 or parenthesis e.g. (45).) Estimated Costs to Complete Contract Price 2021 855,700 1,900,000 Profit/(Loss) Recognized in 2021 + $ 1,044,300 2022 Costs Incurred $ 1,717,500 Contract Price 1,900,000 Total Profit/ (Loss) on Contract 182,500 Profit/(Loss) Recognized in 2021 + 1,044,300 Profit/(Loss) Recognized in 2022 + 1,226,800