Problem 18-11 On July 1, 2017, Sheffield Construction Company Inc. contracted to build an office building for Gumbel Corp. for a total contract price of $1,920,000. On July 1, Sheffield estimated that it would take between 2 and 3 years to complete the building. On December 31, 2019, the building was deemed substantially completed. Following are accumulated contract costs incurred, estimated costs to complete the contract, and accumulated billings to Gumbel for 2017, 2018, and 2019. At 12/31/17 $273,600 1,246,400 300,000 Contract costs incurred to date Estimated costs to complete the contract Billings to Gumbel At 12/31/18 $1,171,600 848,400 1,090,000 At 12/31/19 $2,127,600 1,870,000 (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 field blank. Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) 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 O, please enter 0. Do not leave any fields blank. Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) 2018 2019 LINK TO TEXT Question Attempts: 0 of 3 used