On July 1, 2020. Pearl Construction Company Inc. contracted to build an office building for Gumbel Corp.for a total contract price of $1,900,000. On July 1, Pearl 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 $1,174,100 At 12/31/22 $319,200 $2,082,700 Contract costs incurred to date Estimated costs to complete the contract Billings to Gumbel 1,200,800 -0- 815,900 1,090,000 300,000 1.840,000 (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.) (lf answer iso, 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 eg, -45 or parenthesis es. (451) 2020 Costs to date (12/31/201 S 319200 Estimated Costs to Complete Estimated Total Costs 22 % Percent Complete Revenue Recognized $ Costs incurred Profit/(Loss) Recognized in 2020 2021 Costs to date (12/31/21 1174100 Estimated Costs to Complete 815900 Estimated Total Costs 1990000 Contract Price Total Profit loss $ Total Pruits Proh/(Loss) Recognized in 2021 $ Profit/(Loss) Recognized in 2020 Proft/(Loss) Recognized in 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 es. 45 or parenthesis es. (45)) 2021 Contract Price 1900000 Profit (Loss) Recognized in 2021 2022 Contract Price 1700000 (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.) (lf 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 parenthesis eg, (45).) 2021 Contract Price 1900000 Proh/Kloss) Recognized in 2021 S 2022 Contract Price 1900000 Costs incurred Total Profit/(Loss) on Contract Profit/(Los) Recognised in 2021 Proh/(s) Recognized in 2022 S