On March 1, 2020, Headland Construction Company contracted to construct a factory building for Fabrik Manufacturing Inc. for a total contract price of $8,350,000. 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 2020 > $2,944,000 3,456,000 3,200,000 2021 $2,020,000 2,336,000 3,510,000 2022 $2,336,000 -0- (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 eg.-45 or parentheses e.g. (45)) 1,640,000 contract for the years ended December 31, 2020, 2021, and 2022. (Ignore income taxes.) (If answer is 0, please enter 0. D fields blank. Enter loss using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) 2020 2021 $ $ 2021 > > > $ $ S 2022 % (b) Using the completed-contract method, prepare schedules to compute the profit or loss to be recognized as a result of this contrac 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 eg -45 or parentheses eg. (45)) 2020 $ 2021 $ 2022 2022 Save for Later Last saved 7 minutes ago. Attempter of 2