View Policies Current Attempt in Progress On July 1, 2020, Stellar Construction Compaly Inc. contracted to build an office building for Gumbel Corp. for a total contract price of $1.910,000. On July 1, Stellar 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 At 12/31/20 At 12/31/21 At 12/31/22 $327,800 $1,180,000 $2,090,400 Contract costs incurred to date Estimated costs to complete the contract Billings to Gumbel 1.162.200 820,000 -0- 300,000 1.110,000 1,870,000 (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 0.8. -45 or parenthesis e.g (45).) 2020 . $ (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 8 (45).) 2020 $ Estimated Total Costs Estimated Costs to Complete Costs to date (12/31/20) Profit/(Loss) Recognized in 2020 Percent Complete Revenue Recognized $ 96 $ 2021 $ Estimated Costs to Complete Gross Profit Recognized in 2020 Profit/ (Loss) Recognized in 2021 Total Profit/Loss Costs to date (12/31/21) Contract Price Profit/Loss Recognized in 2020 Estimated Total Costs $ F $ 2022 $