Problem 18-11 Your answer is partially correct. Try again. On July 1 2017 Larkspur Construction Company Inc. contracted to build an office building for Gumbe Corp for a total contract ce of $1,88 O O Ju1 Lari pure t mate that t 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 Contract costs incurred to date $286,900 $1,122,900 $2,066,700 Estimated costs to complete the contract Billings to Gumbel ,223,100847,100 00,000 1,100,000 1,830,000 a) Using the percentage of completion method prepare schedules to compute the p or oss be reco zed as a result of its contract for he ears ended December a 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).) Using the percentage. -cormpletion method, prepare schedules to compute tre pront or loss to be recognized as a result or this Contract ror the years ended December 31, 2018, and 2019. (Ignore income taxes.) (If answer is o, 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 Costs to date (12/31/17) 286900 Estimated Costs to Complete 1223100 Estimated Total Costs 1510000 Percent Complete 19 Revenue Recognized 357200 Costs Incurred 286,900 Profit/ (Loss) Recognized in 2017 # 70300 2018 1122900 847100 1970000 Costs to date (12/31/18) Estimated Costs to Complete Estimated Total Costs Profit/ (Loss) Recognized in 2018 1071600 Total Profit/Loss 817236 2019 759 Profit/ (Loss) Recognized in 2019 Costs to date (12/31/19) (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 0, please enter o. 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