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Please help with the red squares!! I need help with them thank you. On May 1, 2020, Teal Construction Company contracted to construct a factory

image text in transcribedimage text in transcribedimage text in transcribedPlease help with the red squares!! I need help with them thank you.

On May 1, 2020, Teal Construction Company contracted to construct a factory building for a total contract price of $ 8,430,000. The building was completed by May 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 $ 2,730,500 $ 2,344,500 $ 1.975,000 Estimated costs to complete the contract at 12/31 3,619,500 2,175,000 -0- Billings 3,210,000 3,500,000 1,720,000 Your answer is partially correct. 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). Round percentages to 1 decimal places, e.g. 15.2% and other answers to 0 decimal places, e.g. 5,125.) 2020 Costs to date (12/31/20) $ 2730500 Estimated Costs to Complete 3619500 Estimated Total Costs $ 6350000 Percent Complete 43 % Revenue Recognized V $ 3624900 Costs Incurred 2730500 i Profit/(Loss) Recognized in 2020 $ 894400 2021 Costs to date (12/31/21) $ 2344500 Estimated Costs to Complete 2175000 Estimated Total Costs 4519500 Percent Complete 51.9 % Revenue Recognized in 2021 V $ 750270 Costs Incurred in 2021 2344500 i Profit/(Loss) Recognized in 2021 $ -1594230 2022 Total Costs Incurred $ 7050000 i Total Revenue Recognized 8430000 Total Profit on Contract 1380000 Less V: Profit Previously Recognized -699830 Profit/(Loss) Recognized in 2022 V $ 680170 Your answer is correct. 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).) 2020 ta 0 2021 $ 0 2022 $ 1380000

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