On March 1, 2020, Pronghorn 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: 2020 2021 2022 Contract costs incurred during the year $2,944,000 $2,020,000 $2,336,000 Estimated costs to complete the contract at 12/31 3,456,000 2,336,000 -0- Billings to Fabrik during the year 3,200,000 3,510,000 1,640,000 (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 eg. (45)) (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)) Costs to date (12/31/20) Estimated Costs to Complete Estimated Total Costs Percent Complete Revenue Recognized Costs Incurred 2020 2944000 3456000 6400000 Proht/(Loss) Recognized in 2020 Costs to date (12/31/21) Estimated Costs to Complete Estimated Total Costs Percent Complete Revenue Recognized in 2021 Costs Incurred in 2021 2021 Costs Incurred in 2021 Profit/(Loss) Recognized in 2021 Total Costs Incurred Total Revenue Recognized Profit/(Loss) Reconized in 2022 2022 Less Proft Previously Recognized Profit/ (Loss) Recognized in 2022 (b) Using the completed-contract method, prepare schedules to compute the pront or loss to be recognized as a result of this contract Costs Incurred in 2021 Profit/(Loss) Recognized in 20211 Total Costs Incurred Total Revenue Recognized Profit/Loss) Recomized in 2022 2022 Less Profit Previously Recognized Proft/(Loss) Recognized in 2022 (b) Using the completed contract method, prepare schedules to compute the pront or loss to be recognized as a result of this contract Less Profit Previously Recognized 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 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 $ eTextbook and Media Save for Later O Attempts: 1 of 5 used Submit