On March 1, 2017, Marin Construction Company contracted to construct a factory building for Fabrik Manufacturing Inc. for a total contract price of $8,450,000. The building was completed by October 31, 2019. The annual contract costs incurred, estimated costs to complete the contract, and accumulated billings to Fabrik for 2017, 2018, and 2019 are given below:

	2017		2018		2019
Contract costs incurred during the year	$2,824,800		$2,086,300		$2,418,900
Estimated costs to complete the contract at 12/31	3,595,200		2,418,900		0
Billings to Fabrik during the year	3,230,000		3,510,000		1,710,000

(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, 2017, 2018, and 2019. (Ignore income taxes.) (If answer is 0, please enter 0. Do not leave any fields blank.)

(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, 2017, 2018, and 2019. (Ignore income taxes.) (If answer is 0, please enter 0. Do not leave any fields blank. Enter loss using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)

2017 Costs to date (12/31/17) 2824800 Estimated Costs to Complete 3595200 Estimated Total Costs 6420000 Percent Complete Costs Incurred 2824800 Revenue Recognized 0 Profit / (Loss) Recognized in 2017 875600