On March 1, 2020, Martinez Construction Company contracted to construct a factory building for Fabrik Manufacturing...

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On March 1, 2020, Martinez Construction Company contracted to construct a factory building for Fabrik Manufacturing Inc. for a total contract price of $8,310,000. 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 $2,871,000 $2,304,900 $2,114,100 Estimated costs to complete the contract at 12/31 3,509,000 2,114,100 -0- Billings to Fabrik during the year 3,220,000 3,530,000 1,560,000 (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 eg.-45 or parentheses eg. (45).) On March 1, 2020, Martinez Construction Company contracted to construct a factory building for Fabrik Manufacturing Inc. for a total contract price of $8,310,000. 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 $2,871,000 $2,304,900 $2,114,100 Estimated costs to complete the contract at 12/31 3,509,000 2,114,100 -0- Billings to Fabrik during the year 3,220,000 3,530,000 1,560,000 (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 eg.-45 or parentheses eg. (45).)