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please fill in the blanks, appreciate it On April 1, 2020, Sage Hill Inc. entered into a cost plus fixed fee non-cancellable contract to construct

please fill in the blanks, appreciate it

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On April 1, 2020, Sage Hill Inc. entered into a cost plus fixed fee non-cancellable contract to construct an electric generator for Sheffield Corporation. At the contract date, Sage Hill estimated that it would take two years to complete the project at a cost of $2,120,000. The fixed fee stipulated in the contract was $477,000. Sage Hill appropriately accounts for this contract under the percentage-of-completion method. During 2020, Sage Hill incurred costs of $848,000 related to this project. The estimated cost at December 31, 2020, to complete the contract is $1,272,000. Sheffield was billed $636,000 under the contract. The billings are non- refundable. Calculate the amount of gross profit to be recognized by Sage Hill under the contract for the year ended December 31, 2020. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Gross profit / (loss) $ eTextbook and Media List of Accounts Show how the contract will be reported on the income statement for the year ended December 31, 2020. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) SAGE HILL INC. Partial Income Statement

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