On July 1, 2020, Flint Construction Company Inc. contracted to build an office building for Gumbel Corp. for a total contract price of $1,880,000. On July 1, Flint 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 $298,000 $1,194,000 $2,098,500 Estimated costs to complete the contract 1,192,000 796,000 0 Billings to Gumbel 300,000 1,100,000 1,820,000 (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).) 2020 Costs to date (12/31/20) $ Estimated Costs to Complete Estimated Total Costs $ Percent Complete % Revenue Recognized $ Costs Incurred Profit / (Loss) Recognized in 2020 $ 2021 Costs to date (12/31/21) $ Estimated Costs to Complete Estimated Total Costs Contract Price Total Profit/Loss $ Total Profit/Loss $ Gross Profit Recognized in 2020 $ 2022 Costs to date (12/31/22) $ Estimated Costs to Complete Contract Price Total Profit/Loss $ Total Profit/Loss $ Profit / (Loss) Recognized in 2021 $ Profit / (Loss) Recognized in 2020 $ (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 0. 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).) 2021 Estimated Total Costs Contract Price $ 2022 Costs Incurred $ Total Profit / (Loss) on Contract Profit / (Loss) Recognized in 2021 $