On July 1, 2020, Larkspur Construction Company Inc contracted to build an office building for Gumbel Corp for a total contract price of $1,880,000 On July 1, Larkspur 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 $315,000 $1,103,200 $2,078,900 Estimated costs to complete the contract 1,185,000 866,800 0 Billings to Gumbel 300,000 1,090,000 1,830,000 (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 CompleteEstimated Total CostsPercent CompleteRevenue RecognizedProfit (Loss) Recognized in 2020 $ Costs to date (12 31 20)Estimated Costs to CompleteEstimated Total CostsPercent CompleteRevenue RecognizedProfit (Loss) Recognized in 2020 Costs to date (12 31 20)Estimated Costs to CompleteEstimated Total CostsPercent CompleteRevenue RecognizedProfit (Loss) Recognized in 2020 $ Costs to date (12 31 20)Estimated Costs to CompleteEstimated Total CostsPercent CompleteRevenue RecognizedProfit (Loss) Recognized in 2020 Estimated Costs to CompleteEstimated Total CostsPercent CompleteRevenue RecognizedCosts IncurredProfit (Loss) Recognized in 2020 $ Estimated Costs to CompleteEstimated Total CostsPercent CompleteRevenue RecognizedCosts IncurredProfit (Loss) Recognized in 2020 Estimated Costs to CompleteEstimated Total CostsPercent CompleteRevenue RecognizedCosts IncurredProfit (Loss) Recognized in 2020 $ 2021 Costs to date (12 31 21)Estimated Costs to CompleteEstimated Total CostsContract PriceTotal Profit LossGross Profit Recognized in 2020Profit Loss Recognized in 2020Profit (Loss) Recognized in 2021 $ Costs to date (12 31 21)Estimated Costs to CompleteEstimated Total CostsContract PriceTotal Profit LossGross Profit Recognized in 2020Profit Loss Recognized in 2020Profit (Loss) Recognized in 2021 Costs to date (12 31 21)Estimated Costs to CompleteEstimated Total CostsContract PriceTotal Profit LossGross Profit Recognized in 2020Profit Loss Recognized in 2020Profit (Loss) Recognized in 2021 Costs to date (12 31 21)Estimated Costs to CompleteEstimated Total CostsContract PriceTotal Profit LossGross Profit Recognized in 2020Profit Loss Recognized in 2020Profit (Loss) Recognized in 2021 Costs to date (12 31 21)Estimated Costs to CompleteEstimated Total CostsContract PriceTotal Profit LossGross Profit Recognized in 2020Profit Loss Recognized in 2020Profit (Loss) Recognized in 2021 $ Costs to date (12 31 21)Estimated Costs to CompleteEstimated Total CostsContract PriceTotal Profit LossGross Profit Recognized in 2020Profit Loss Recognized in 2020Profit (Loss) Recognized in 2021 $ Costs to date (12 31 21)Estimated Costs to CompleteEstimated Total CostsContract PriceTotal Profit LossGross Profit Recognized in 2020Profit Loss Recognized in 2020Profit (Loss) Recognized in 2021 Costs to date (12 31 21)Estimated Costs to CompleteEstimated Total CostsContract PriceTotal Profit LossGross Profit Recognized in 2020Profit Loss Recognized in 2020Profit (Loss) Recognized in 2021 $ 2022 Costs to date (12 31 22)Estimated Costs to CompleteEstimated Total CostsContract PriceTotal Profit LossGross Profit Recognized in 2020Gross Profit Recognized in 2021Profit Loss Recognized in 2020Profit Loss Recognized in 2021Profit (Loss) Recognized in 2022 $ Costs to date (12 31 22)Estimated Costs to CompleteEstimated Total CostsContract PriceTotal Profit LossGross Profit Recognized in 2020Gross Profit Recognized in 2021Profit Loss Recognized in 2020Profit Loss Recognized in 2021Profit (Loss) Recognized in 2022 Costs to date (12 31 22)Estimated Costs to CompleteEstimated Total CostsContract PriceTotal Profit LossGross Profit Recognized in 2020Gross Profit Recognized in 2021Profit Loss Recognized in 2020Profit Loss Recognized in 2021Profit (Loss) Recognized in 2022 Costs to date (12 31 22)Estimated Costs to CompleteEstimated Total CostsContract PriceTotal Profit LossGross Profit Recognized in 2020Gross Profit Recognized in 2021Profit Loss Recognized in 2020Profit Loss Recognized in 2021Profit (Loss) Recognized in 2022 $ Costs to date (12 31 22)Estimated Costs to CompleteEstimated Total CostsContract PriceTotal Profit LossGross Profit Recognized in 2020Gross Profit Recognized in 2021Profit Loss Recognized in 2020Profit Loss Recognized in 2021Profit (Loss) Recognized in 2022 $ Costs to date (12 31 22)Estimated Costs to CompleteEstimated Total CostsContract PriceTotal Profit LossProfit (Loss) Recognized in 2020Profit (Loss) Recognized in 2021Profit (Loss) Recognized in 2022 $ Costs to date (12 31 22)Estimated Costs to CompleteEstimated Total CostsContract PriceTotal Profit LossProfit (Loss) Recognized in 2020Profit (Loss) Recognized in 2021Profit (Loss) Recognized in 2022 Costs to date (12 31 22)Estimated Costs to CompleteEstimated Total CostsContract PriceTotal Profit LossGross Profit Recognized in 2020Gross Profit Recognized in 2021Profit Loss Recognized in 2020Profit Loss Recognized in 2021Profit (Loss) Recognized in 2022 $

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On July 1, 2020, Larkspur Construction Company Inc. contracted to build an office building for Gumbel Corp. for a total contract price of $1,880,000. On

On July 1, 2020, Larkspur Construction Company Inc. contracted to build an office building for Gumbel Corp. for a total contract price of $1,880,000. On July 1, Larkspur 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	$315,000	$1,103,200	$2,078,900
Estimated costs to complete the contract	1,185,000	866,800	0
Billings to Gumbel	300,000	1,090,000	1,830,000

(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 CompleteEstimated Total CostsPercent CompleteRevenue RecognizedProfit / (Loss) Recognized in 2020	$
Costs to date (12/31/20)Estimated Costs to CompleteEstimated Total CostsPercent CompleteRevenue RecognizedProfit / (Loss) Recognized in 2020
Costs to date (12/31/20)Estimated Costs to CompleteEstimated Total CostsPercent CompleteRevenue RecognizedProfit / (Loss) Recognized in 2020	$

Costs to date (12/31/20)Estimated Costs to CompleteEstimated Total CostsPercent CompleteRevenue RecognizedProfit / (Loss) Recognized in 2020		%

Estimated Costs to CompleteEstimated Total CostsPercent CompleteRevenue RecognizedCosts IncurredProfit / (Loss) Recognized in 2020	$
Estimated Costs to CompleteEstimated Total CostsPercent CompleteRevenue RecognizedCosts IncurredProfit / (Loss) Recognized in 2020
Estimated Costs to CompleteEstimated Total CostsPercent CompleteRevenue RecognizedCosts IncurredProfit / (Loss) Recognized in 2020	$

2021
Costs to date (12/31/21)Estimated Costs to CompleteEstimated Total CostsContract PriceTotal Profit/LossGross Profit Recognized in 2020Profit/Loss Recognized in 2020Profit / (Loss) Recognized in 2021		$
Costs to date (12/31/21)Estimated Costs to CompleteEstimated Total CostsContract PriceTotal Profit/LossGross Profit Recognized in 2020Profit/Loss Recognized in 2020Profit / (Loss) Recognized in 2021
Costs to date (12/31/21)Estimated Costs to CompleteEstimated Total CostsContract PriceTotal Profit/LossGross Profit Recognized in 2020Profit/Loss Recognized in 2020Profit / (Loss) Recognized in 2021
Costs to date (12/31/21)Estimated Costs to CompleteEstimated Total CostsContract PriceTotal Profit/LossGross Profit Recognized in 2020Profit/Loss Recognized in 2020Profit / (Loss) Recognized in 2021
Costs to date (12/31/21)Estimated Costs to CompleteEstimated Total CostsContract PriceTotal Profit/LossGross Profit Recognized in 2020Profit/Loss Recognized in 2020Profit / (Loss) Recognized in 2021		$

Costs to date (12/31/21)Estimated Costs to CompleteEstimated Total CostsContract PriceTotal Profit/LossGross Profit Recognized in 2020Profit/Loss Recognized in 2020Profit / (Loss) Recognized in 2021		$
Costs to date (12/31/21)Estimated Costs to CompleteEstimated Total CostsContract PriceTotal Profit/LossGross Profit Recognized in 2020Profit/Loss Recognized in 2020Profit / (Loss) Recognized in 2021
Costs to date (12/31/21)Estimated Costs to CompleteEstimated Total CostsContract PriceTotal Profit/LossGross Profit Recognized in 2020Profit/Loss Recognized in 2020Profit / (Loss) Recognized in 2021		$

2022

Costs to date (12/31/22)Estimated Costs to CompleteEstimated Total CostsContract PriceTotal Profit/LossGross Profit Recognized in 2020Gross Profit Recognized in 2021Profit/Loss Recognized in 2020Profit/Loss Recognized in 2021Profit / (Loss) Recognized in 2022

Costs to date (12/31/22)Estimated Costs to CompleteEstimated Total CostsContract PriceTotal Profit/LossProfit / (Loss) Recognized in 2020Profit / (Loss) Recognized in 2021Profit / (Loss) Recognized in 2022