On July 1, 2020, Indigo Construction Company Inc. contracted to build an office building for Gumbel Corp. forh total contract price of $1,880,000. On July 1, Indigo 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 Billings to Gumbel 1,192,000 796,000 -0- 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 eg.-45 or parenthesis eg. (45)) 2020 (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 eg.-45 or parenthesis es. (45)) 2020 $ $ $ $ 2021 Estimated Total Costs Estimated Costs to Complete Profit/Loss Recognized in 2020 Contract Price Gross Profit Recognized in 2020 Profit/(Loss) Recognized in 2021 Costs to date (12/31/21) Total Profit/Loss $ Gross Profit Recognized in 2020 Costs to date (12/31/22) Profit/Loss Recognized in 2020 Profit/ (Loss) Recognized in 2022 Total Profit/Loss Gross Profit Recognized in 2021 Estimated Total Costs Estimated Costs to Complete Contract Price Profit/Loss Recognized in 2021 $ 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 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 eg.-45 or parenthesise.g. (45)) 2021 2022 $