XYZ Construction Co. began operations in 2020. Construction activity for 2020 is shown below. XYZ uses the cost recovery method.

Contract	Contract Price	Collections through 12/31/20	Accounts Receivable, 12/31/20	Estimated cost through 12/31/20	Costs incurred to 12/31/20	Costs to Complete
Contract 1	7,700,000	5,500,000	2,200,000	6,700,000	6,850,000	-
Contract 2	8,300,000	4,180,000	800,000	4,100,000	4,233,000	2,822,000
Contract 3	4,600,000	2,760,000	-	3,600,000	3,325,000	1,425,000

Answer the following:

-Estimated gain/loss on Contact #1, #2 and #3

-Total estimated gain/(loss) in all the contracts of XYZ Corp.

-Contract asset and contract liability to be recognized in contract #1, #2 and #3

-Progress Billings of Contract #1

-The Construction in Progress of Contract # 2

-The Construction in Progress of Contract # 3