On March 1, 2020, Carla Construction Company contracted to construct a factory building for Fabrik Manufacturing Inc. for a total contract price of $8,390,000. 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: Contract costs incurred during the year Estimated costs to complete the contract at 12/31 Billings to Fabrik during the year 2020 2021 2022 $3,003,300 $2,179,700 $2,117,000 3,386,700 2,117,000 -0- 3,240,000 3,460,000 1,690,000 (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 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 Costs to date (12/31/20) 3,003,300 Estimated Costs to Complete 3,386,700 Estimated Total Costs 6,390,000 Percent Complete 45.89 Revenue Recognized 3,766,470.40 Costs Incurred 3,003,000.00 Profit/(Loss) Recognized in 2020 763,470.40 2021 Costs to date (12/31/21) 5,183,000 Estimated Costs to Complete 2,117,000 Estimated Total Costs 3066,000 Percent Complete 71 Revenue Recognized in 2021 2,190,429.6 Costs Incurred in 2021 2,179,700 Profit/(Loss) Recognized in 2021 10,729.60 2022 Total Costs Incurred 5,182,700 Total Revenue Recognized 5,956,900 Profit/(Loss) Recognized in 2022 2,433,100 Less Profit Previously Recognized 2,117,000 Profit/(Loss) Recognized in 2022 316,100 (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 $ 2021 $ 2022 $ 1,090,300