On March 1, 2020, Shamrock 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: (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 $2,983,800 \begin{tabular}{|lrr|} \hline Estimated Costs to Complete & & 3,706,200 \\ \hline Estimated Total Costs & & $6,690,000 \\ \hline \end{tabular} Percent Complete 44.60 % Revenue Recognized $ \begin{tabular}{|} \hline,746,475 \\ \hline \end{tabular} Costs Incurred \begin{tabular}{r|} \hline 2,983,800 \\ \hline \end{tabular} Profit / (Loss) Recognized in 2020 $ 762,675 2021 Costs Incurred in 2021 $2,280,200 \begin{tabular}{|lrr|} \hline Estimated Costs to Complete & & 2,336,000 \\ \hline Estimated Total Costs & & $,600,000 \\ \hline \end{tabular} (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).)