Problem 18-11 Your answer is partially correct. Try again On July 1, 2017, Culver Construction Company Inc. contracted to build an office building for Gumbel Corp. for a total contract price of $1,900,000. On July 1, Culver 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 12/31/18 12/31/19 At At $266,400 $1,185,900 $2,109,700 824,100 1,100,000 Contract costs incurred to date Estimated costs to complete the contract Billings to Gumbel 1,213,600 300,000 1,850,000 (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 266400 Costs to date (12/31/17) Estimated Costs to Complete Estimated Total Costs 1213600 1480000 Percent Complete 18 342000 Revenue Recognized Costs Incurred Profit/ (Loss) Recognized in 2017 (266400) 75600 2018 Costs to date (12/31/18) 1185900 824100 2010000 (1900000) (64600) Estimated Costs to Complete Estimated Total Costs Contract Price Total Profit/Loss Total Profit/Loss Gross Profit Recognized in 2017 Profit/ (Loss) Recognized in 2018 110000