On July 1, 2020, Vaughn Construction Company Inc. contracted to build an office building for Gumbel Corp. for a total contract price of $1,900,000. On July 1, Vaughn 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		$319,200		$1,174,100		$2,082,700
Estimated costs to complete the contract		1,200,800		815,900		0
Billings to Gumbel		300,000		1,090,000		1,840,000

Please assist with determining red/ blank boxes**

(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 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 e.g. -45 or parenthesis e.g. (45).)

2020 Costs to date (12/31/20) $ 319200 Estimated Costs to Complete 1200800 Estimated Total Costs $ $ 1520000 Percent Complete 21 % Revenue Recognized $ 399000 Costs Incurred -319200 Profit/(Loss) Recognized in 2020 $ 79800 2021 Costs to date (12/31/21) 1174100 Estimated Costs to Complete 815900 Estimated Total Costs 1990000 Contract Price - 1900000 Total Profit/Loss $ 90000 Total Profit/Loss $ 90000 Gross Profit Recognized in 2020 79800 Profit/(Loss) Recognized in 2021 $ 169800 2022 Costs to date (12/31/22) $ 2082700 Estimated Costs to Complete 0 2082700 Contract Price -1900000 Total Profit/Loss $ $ 182700 Total Profit/Loss $ 182700 Profit/(Loss) Recognized in 2021 $ 169800 Profit/(Loss) Recognized in 2020 79800 249600 Profit/(Loss) Recognized in 2022 $ 2515000 2021 Costs to date (12/31/21) 1174100 Estimated Costs to Complete 815900 Estimated Total Costs LA $ 1990000 2022 Costs Incurred $ 2082700 Contract Price 1900000 Total Profit/(Loss) on Contract 182700 Profit/(Loss) Recognized in 2021 169800 Profit/(Loss) Recognized in 2022 $ 2515000 2020 Costs to date (12/31/20) $ 319200 Estimated Costs to Complete 1200800 Estimated Total Costs $ $ 1520000 Percent Complete 21 % Revenue Recognized $ 399000 Costs Incurred -319200 Profit/(Loss) Recognized in 2020 $ 79800 2021 Costs to date (12/31/21) 1174100 Estimated Costs to Complete 815900 Estimated Total Costs 1990000 Contract Price - 1900000 Total Profit/Loss $ 90000 Total Profit/Loss $ 90000 Gross Profit Recognized in 2020 79800 Profit/(Loss) Recognized in 2021 $ 169800 2022 Costs to date (12/31/22) $ 2082700 Estimated Costs to Complete 0 2082700 Contract Price -1900000 Total Profit/Loss $ $ 182700 Total Profit/Loss $ 182700 Profit/(Loss) Recognized in 2021 $ 169800 Profit/(Loss) Recognized in 2020 79800 249600 Profit/(Loss) Recognized in 2022 $ 2515000 2021 Costs to date (12/31/21) 1174100 Estimated Costs to Complete 815900 Estimated Total Costs LA $ 1990000 2022 Costs Incurred $ 2082700 Contract Price 1900000 Total Profit/(Loss) on Contract 182700 Profit/(Loss) Recognized in 2021 169800 Profit/(Loss) Recognized in 2022 $ 2515000