Problem 18-10 Your answer is partially correct. Try again. On March 1, 2020, Larkspur Construction Company contracted to construct a factory building for Fabrik Manufacturing Inc. for a total contract price of $8,310,000. 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 $2,871,000 $2,304,900 $2,114,100 Estimated costs to complete the contract at 12/31 3,509,000 2,114,100 -0- Billings to Fabrik during the year 3,220,000 3,530,000 1,560,000 (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 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 Costs to date (12/31/20) 2871000 Estimated Costs to Complete 3509000 > Estimated Total Costs 6380000 Percent Complete % 45 > Revenue Recognized 37395000 > Costs Incurred 2871000 > Profit/ (Loss) Recognized in 2020 34524000 2021 IH Costs to date (12/31/21) 5175900 Estimated Costs to Complete 2114100 Estimated Total Costs 7290000 Percent Complete % 71 > Revenue Recognized in 2021 59001000 > Costs incurred in 2021 2304900 > Profit/ (Loss) Recognized in 2021 56696100 2022 > Total Costs Incurred 2114100