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On March 1, 2020, Cullumber 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: Contract costs incurred during the year Estimated costs to complete the contract at 12/31 Billings to Fabrik during the year 2020 3,729,400 3,230,000 2021 $2,503,700 2,125,700 3,470,000 2022 $2,125,700 -o- 1,700,000 (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 plea* enter O. DO not my fields blank. Enter loss using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Costs to date (12/31/20) Estimated Costs to Complete Estimated Total Costs Percent Complete Revenue Recogn ized Question 4 of 4 RevenueRecogni7Qd gosts Incurred Profit/ (Loss) Recognized in 2020 v Coststodate (12/31/21) Estimated Costs to Complete Estimated Total Costs Percent Complete Revenue in 2021 Costs Incurred in 2021 Profit/ (Loss) Recognized in 2021 r 18 Homework Question 4 of 4 Total Costs Incurred Total Revenue Recognized Total Profit on Contract 2700600 3729400 6430000 109/0000 5204300 2125M) 733W00 71 2.95 / Profit P reviously Recognized profit / (Loss) Recognized in 2022 v 1070000 (b) using the completed-contract method, prepare schedules to compute the profit or loss to be recognized as a result of thi for the years ended December 31.2020, 2021. and 2022. (Ignore income taxes.) (Itanswer is O, pea* altera blmk. Enter loss eittrr a nqative the eS 45 or Brenttkses e.g. (45X) 2020 2021 2022 eTextbook and Media 10 '(xxn