Problem Four: Long-Term Contract On July 1, 2020, Torvill Construction Company Inc. contracted to build an office building for Gabriella Corp. for a total contract price of $2,000,000. On July 1, Torvill 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 Gabriella for 2020, 2021, and 2022. Required: 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 . b. Using the completed-contract method, how much profit or loss will be recognized as a result of this contract for the years ended December 31, 2020, 2021, and 2022