On July 1, 2020, Sheffield Construction Company Inc. contracted to build an office building for Gumbel Corp. for a total contract price of $1,900,000. On July 1 , Sheffield 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. (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 answis 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 eg. (45).) (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 eg. -45 or parenthesis es. (45).) 2021 Costs to date (12/31/21) \( \$ \longdiv { 1 , 1 8 5 , 9 0 0 } \) Estimated Costs to Complete 824,100 Estimated Total Costs 2,010,000 Contract Price Total Profit/Loss $ 110,000 $ I $ 2022 Costs to date (12/31/22) $2,109,700 Estimated Costs to Complete Contract Price Total Profit/Loss $ Profit / (Loss) Recognized in 2021 V Profit / (Loss) Recognized in 2020 V Profit / (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 e.g. -45 or parenthesis e.g. (45).)