Problem 18-10 On March 1, 2017, Culver Construction Company contracted to construct a factory building for Fabrik Manufacturing Inc. for a total contract price of $8,450,000. The building was completed by October 31, 2019. The annual contract costs incurred, estimated costs to complete the contract, and accumulated billings to Fabrik for 2017, 2018, and 2019 are given below: 2019 $1,962,900 Contract costs incurred during the year Estimated costs to complete the contract at 12/31 Billings to Fabrik during the year 2017 $3,052,800 3,307,200 3,230,000 2018 $2,254,300 1,962,900 3,470,000 -0- 1,750,000 (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, 2017, 2018, and 2019. (Ignore income taxes.) (If answer is 0, please enter 0. Do not leave any fields blank.) 2017 2018 2019 (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, 2017, 2018, and 2019. (Ignore income taxes.) (If answer is 0, please enter 0. Do not leave any field not leave any fields blank. Enter loss using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45, 2017 2018 2019 LINK TO TEXT Question Attempts: 0 of 3 used