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On July 1, 2020, Nash Construction Company Inc. contracted to build an office building for Gumbal Corp. for a total contract price of $1.880,000. On July 1. Nash 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 Gumbe! At 12/31/20 $288,800 1.231,200 290,000 At 12/31/21 $1.227 600 752,400 1.090,000 At 12/31/22 $2,078,500 -0- 1.820,000 (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 O. Do not leave any field blank. If on amount should be deducted then enter the amount using either a negative sign prececeding the number eg. -45 or parenthesises (45) 2020 Costs to date (12/31/20 $ 288800 Estimated costs to Complete 1231200 Estimated Total Costs $ 1520000 19 96 Percent Complete Revenue Recognized 357200 Costs incurred Profit/(Loss) Recognized in 2020 2021 Costs to date (12/31/21) $ 1227600 Estimated Costs to Complete 752400 Estimated Total Costs 1990000 Contract Price -1880000 Total Proh/Loss Total Proh/Loss $ Profit/Loss Recognized in 2020 Profit/(Loss) Recognized in 2021 2022 Costs to date (12/31/22) Estimated costs to complete Contract Price Total Profillons Total Prot/Loss Proh/(Loss) Recognized in 2020 Prot/Loss) Recognized in 2021 v Profit/(L08) 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. lgnore income taxes Of 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 sin prececeding the number eg. -45 or parenthesis es (450) 2021 Costs to date (12/31/21) Estimated Costs to Complete $ Profit/(Loss) Recognized in 2021 2022 Costs incurred Proht loss Reconized in 2022 To Pront/osalon Contract Profit) Recognized in 2021 Profit/Loss Reconized in 2022