On July 1, 2020, Shamrock Construction Company Inc. contracted to build an office building for Gumbel Corp. for a total contract price of $1,920,000. On July 1, Shamrock 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 Estimated costs to complete the contract $270,000 1,230,000 $1,272,600 $2,121,000 747,400 -0- Billings to Gumbel 300,000 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 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 e.g. -45 or parenthesis e.g. (45).) Costs to date (12/31/20) Estimated Costs to Complete Estimated Total Costs Percent Complete 2020 $ 270000 1230000 $ 1500000 20 % Revenue Recognized $ 384000 Costs Incurred 300000 Profit/(Loss) Recognized in 2020 $ 84000 Costs to date (12/31/21) Estimated Costs to Complete Estimated Total Costs Contract Price Total Profit/Loss 2021 Gross Profit Recognized in 2020 12772600 747400 2020000 1920000 100000 Profit/Loss Recognized in 2020 84000 Profit/Loss Recognized in 2020 Costs to date (12/31/22) Estimated Costs to Complete Contract Price Total Profit/Loss Total Profit/Loss 2022 184000 Profit/(Loss) Recognized in 2021 184000 Profit/(Loss) Recognized in 2020 84000 Profit/(Loss) Recognized in 2022 SA $ SA 2121000 0 2121000 1920000 201000 100000 $ 202000 (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 O, 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 2121000 0 Profit/(Loss) Recognized in 2021 2121000 2022 Contract Price 1920000 Costs Incurred 2121000 Total Profit/(Loss) on Contract 201000 Profit/(Loss) Recognized in 2021 100000 Total Profit/(Loss) on Contract 101000