Problem 18-10 Your answer is partially correct. Try again. On March 1, 2020, Splish Construction Company contracted to construct a factory building for Fabrik Manufacturing Inc. for a total contract price of $8,460,000. 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: 2020 Contract costs incurred during the year Estimated costs to complete the contract at 12/31 Billings to Fabrik during the year 2021 2022 $2,971,600 $2,033,200 $2,355,200 3,488,400 2,355,200 -0- 3,190,000 3,510,000 1,760,000 (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 o, 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. (45).) 2020 2971600 Costs to date (12/31/20) Estimated Costs to Complete Estimated Total Costs T 3488400 6460000 Percent Complete 46 Revenue Recognized 3891600 1 2 Costs incurred Profit/(Loss) Recognized in 2020 971600 920000 5004800 Costs to date (12/31/21) Estimated costs to Complete Estimated Total Costs T 23552001 7360000 Percent Complete T 68% Revenue Recognized in 2021 5752800 Costs incurred in 2021 5004800 Profit/ (Loss) Recognized in 2021 748000 Total Costs Incurred Total Revenue Recognized Total Profit on Contract Profit/(Loss) Recognized in 2021 748000 7360000 Tess Profit Previously Recogni 1100000 Profit/ (Loss) Recognized in 2022 (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 iso, please enter O. 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 2021 20221 1100000 Click if you would like to show Work for this questioni Osn Show Work