On March 1, 2020, Bonita Construction Company contracted to construct a factory building for Fabrik Manufacturing Inc. for a total contract price of $8,400,000. The building was completed by October 31, 2022. The annual contract costs incurred, estimated costs to complete the contract, and accumulated billings to Fabrik for 2020, 2021, and 2022 are given below: 2020 2021 2022 Contract costs incurred during the year $2,700,600 $2,503,700 $2,125,700 Estimated costs to complete the contract at 12/31 3,729,400 2,125,700 -0- Billings to Fabrik during the year 3,230,000 3,470,000 1,700,000 (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 fields blank. Enter loss using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) 2020 2020 Costs to date (12/31/20) V $ TA 2700600 Estimated Costs to Complete 3729400 Estimated Total Costs $ 6430000 Percent Complete 42 % Revenue Recognized $ 3864000 Costs Incurred 2700600 i V Profit/ (Loss) Recognized in 2020 $ 1163400 2021 Costs to date (12/31/21) 7 TA $ 5204300 Estimated Costs to Complete 2,125,700 Estimated Total Costs $ 3078600 Percent Complete 70 % Revenue Recognized in 2021 $ 2016000 Costs Incurred in 2021 2,503,700 i Profit/(Loss) Recognized in 2021 v $ -487700 2022 Total Revenue Recognized $ 8,400,000 Total Costs Incurred HOM Total Profit on Contract Less Profit/(Loss) Recognized in 2022 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. Enter loss using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) 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. Enter loss using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) 2020 $ 0 2021 TA $ 0 2022 $ e Textbook and Media