On July 1, 2025, Blossom Construction Company Inc. contracted to build an office building for Bridgeport Corp. for a total contract price of $1,890,000. On July 1 , Blossom estimated that it would take between 2 and 3 years to complete the building. On December 31,2027 , the building was deemed substantially completed. Following are accumulated contract costs incurred, estimated costs to complete the contract, and accumulated billings to Bridgeport for 2025, 2026, and 2027. Your answer is correct. Using the percentage-of-completion method, prepare a schedule to compute the profit or loss to be recognized as a result of this contract for the year ended December 31, 2025. (Ignore income taxes.) (If answer is 0, please enter 0 . Do not leave any fields blank.) 2025 Costs to Date (12/31/25) $ 285000 Estimated Costs to Complete Estimated Total Costs Percent Complete 19% Revenue Recognized $ 359100 Costs Incurred Profit / (Loss) Recognized in 2025 \begin{tabular}{|l|l|} \hline 285000 \\ \hline & i \\ \hline \end{tabular} Correct Answer 6 Your answer is partially correct. Using the percentage-of-completion method, prepare a schedule to compute the profit or loss to be recognized as a result of this contract for the year ended December 31, 2026. (Ignore income taxes.) (If answer is 0, please enter 0. Do not leave any fields blank.) 2026 Costs to Date (12/31/26) $ Estimated Costs to Complete Estimated Total Costs Contract Price Total Loss Total Loss $ Add :\begin{tabular}{|lll|} \hline Gross Profit Recognized in 2025 & > \\ \hline \end{tabular} Loss Recognized in 2026