On July 1, 2020, Riverbed Construction Company Inc. contracted to build an office building for Gumbel Corp. for a total contract price of $1,920,000. On July 1, Riverbed 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 $312,900 $1,096,200 $2,139,000 Estimated costs to complete the contract Billings to Gumbel 1,177,100 933,800 -0- 290,000 1,110,000 1,880,000 (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 312900 1177100 $ 1490000 2020 Costs to date (12/31/20) Estimated Costs to Complete Estimated Total Costs Percent Complete Revenue Recognized Costs Incurred 312900 1177100 1490000 21 % 403200 312900 Profit/(Loss) Recognized in 2020 + $ 90300 Costs to date (12/31/21). Estimated Total Costs Contract Price Total Profit/Loss Total Profit/Loss 2021 1096200 933800 2030000 (1920000) 110000 Total Profit/Loss (1920000) Total Profit/Loss Total Profit/Loss Gross Profit Recognized in 2020 : 110000 -110000 90300 Profit/(Loss) Recognized in 2021 $ -200300 2022 Costs to date (12/31/22) Estimated Total Costs Contract Price Total Profit/Loss Total Profit/Loss Profit/(Loss) Recognized in 2021 $ -200300 Profit/(Loss) Recognized in 2020 90300 2139000 2139000 1920000 -219000 219000 Profit/(Loss) Recognized in 2020 + 90300 -110000 Profit/(Loss) Recognized in 2022 109000 (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 O. 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).) Contract Price Estimated Total Costs 2021 1920000 2030000 Profit/(Loss) Recognized in 2021 (110000) 2022 Contract Price 1920000 Costs Incurred 2139000 Total Profit/(Loss) on Contract -219000 Profit/(Loss) Recognized in 2021 110000 Profit/(Loss) Recognized in 2022 -109000