Question 5 of 5 -/10 On February 1, 2023, Ivanhoe Contractors agreed to construct a building at a contract price of $3,000,000. The total estimated construction costs would be $2,240,000 and the project would be finished in 2025. Information relating to the costs and billings for this contract is as follows: 2023 2024 2025 Total costs incurred to date $ 851,200 $ 1,323,000 $ 2,355,000 Estimated costs to complete 1,388,800 1,127,000 -0- Customer billings to date 1,100,000 2,240,000 3,000,000 Collections to date 1,000,000 1,750,000 2,950,000 Calculate the gross profit/(loss) that should be recognized for 2023, 2024, and 2025 using the percentage completion method. (Ente negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45). Round percentage complete to 1 decimal place, e.g. 15.2% and final answers to O decimal places, e.g. 5,125.) 2023 $ Gross profit/(loss) $ 2024 $ 2025