On July 1, 2020, Oriole Construction Company Inc. contracted to build an office building for Gumbel Corp. for a total contract price of $1,880,000. On July 1, Oriole 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		$288,800		$1,227,600		$2,078,500
Estimated costs to complete the contract		1,231,200		752,400		0
Billings to Gumbel		290,000		1,090,000		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).)

(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).)

gnor ncome taxes.) (If answer then enter the amount using either a negative sign prececeding the 2020 Costs to date (12/31/20) 288,800 Estimated Costs to Complete 1,231,200 Estimated Total Costs 1,520,000 Percent Complete 19/ 19 Revenue Recognized 357,200 X Costs Incurred 288,800 Profit/ (Loss) Recognized in 2020 Y 68,400 2021 2021 Costs to date (12/31/21) 1,227,600 Estimated Costs to Complete 752,400 Estimated Total Costs 1,980,000 Contract Price -1,880,000 Total Profit/Loss -100,000 Total Profit/Loss -100,000 Gross Profit Recognized in 2020 68,400 Profit/ (Loss) Recognized in 2021 -168,400 2022 Profit/ (Loss) Recognized in 2021 -168,400 2022 Costs to date (12/31/22) 2,078,500 Estimated costs to Complete 2,078,500 Contract Price 1,880,000 Total Profit/ Loss -198,500 ta Proft Loss -198,500 Profit Loss) Recognized in 2021 v -168,400 > Prefit (Loss) Recognized in 2020 v 68,400 -100.000 -98.500 Profit (Loss) Recognized in 2022 (b) Using the completed-contract method, prepare schedules to compute the profit or loss to be recogniz 31, 2020, 2021, and 2022. (Ignore income taxes.) (If answer is o, please enter 0. Do not leave any enter the amount using either a negative sign prececeding the number eg.-45 or parenthesis 2021 Contract Price 1,880,000 Estimated Total Costs 1,980,000 Profit/ (Loss) Recognized in 2021 -100,000 2022 Contract Price 1,880,000 Costs Incurred 2,078,500 Total Profit/ (Loss) on Contract -198,500 Profit/ (Loss) Recognized in 2021 -100,000 Pront (Loss) Recognized in 2022 -98,500 Click if you would like to Show Work for this question: Open Show Wor