Problem 18-11 Your answer is partially correct. Try again. On July 1, 2020, Concord Construction Company Inc. contracted to build an office building for Gumbel Corp. for a total contract price of $1,920,000. On July 1, Concord estimated that it would take between 2 and 3 years to complete the building. On December 31, 2022, the building was deemed substantially completed. Following are accumulated contract costs incurred, estimated costs to complete the contract, and accumulated billings to Gumbel for 2020, 2021, and 2022. Contract costs incurred to date Estimated costs to complete the contract Billings to Gumbel At 12/31/20 $270,000 1,230,000 300,000 At 12/31/21 $1,272,600 747,400 1,110,000 At 12/31/22 $2,121,000 -0- 1,880,000 (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 field blank. If an amount should be deducted then enter the amount using either a negative sign prececeding the number e.g.-45 or parenthesis e.g. (45).) 2020 Costs to date (12/31/20) 270000 Estimated Costs to Complete 1230000 Estimated Total Costs 1500000 Percent Complete 20 % Revenue Recognized 384000 Costs Incurred 270000 X Profit/ (Loss) Recognized in 2020 114000 2021 Costs to date (12/31/21) Estimated Costs to Complete Estimated Total Costs Contract Price Total Profit/Loss Total Profit/Loss Gross Profit Recognized in 2020 Profit/Loss Recognized in 2020 2022 Costs to date (12/31/22) Estimated Costs to Complete Contract Price Total Profit/Loss Total Profit/Loss Profit / (Loss) Recognized in 2021 Profit/ (Loss) Recognized in 2020 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 is 0, please enter O. Do not leave any fields blank. If an amount should be deducted then enter the amount using either a negative sign prececeding the number e.g. -45 or parenthesis e.g. (45).) 2021 x Estimated Costs to Complete X Estimated Total Costs X Contract Price 2022 Costs Incurred T Contract Price T Total Profit/ (Loss) on Contract MONO Profit/ (Loss) Recognized in 2021 Profit/ (Loss) Recognized in 2022