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 2021 2022 Contract costs incurred during the year $2,971,600 $2,033,200 $2,355,200 Estimated costs to complete the contract at 12/31 3,488,400 2,355,200 -0- Billings to Fabrik during the year 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 iso, please enter 0. Do not leave any field's blank. Enter loss using either a negative sign preceding the number eg.-45 or parentheses e.g. (45).) Costs to date (12/31/20) 2971600 T Estimated costs to Complete 34884001 Estimated Total Costs 64600001 Percent Complete Revenue Recognized 3891600 OF Profit (Loss) Recognized in 2020: 920000 Costs to date (12/31/21) Estimated costs to Complete Estimated Total Costs 7360000 Percent Complete 68 Revenue Recognized in 2021 1861200 20332001 costs incurred in 2021 Profit/(Loss) Recognized in 2021 - 172000 Total Costs Incurred 7360000 Total Revenue Recognized -5004800 Total Profit on Contract Less Profit Previously Recognized T Profit/ (Loss) Recognized in Total Costs incurred 7360000 -5004800 Total Revenue Recognized Total Profit on Contract Less : Profit Previously Recognized 2707200 0 2355200 1 Pro L oss) 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 0. Do not leave any held blank. Enter loss using either a negative sign preceding the number e.g.-45 or parentheses eg. (45).) 2020 1100000