Wells Corporation uses the percentage-of-completion method of accounting for construction costs. For Construction Project A, Wells had previously recognized revenue of $250,000 out of a total of $800,000 for the project.

During the current year, the company accumulated the following information about this project:

• Construction costs incurred for the year, $92,000

• Construction costs incurred to date (including this year’s costs), $200,000

• Estimated costs to complete, $300,000

Based on the previous information, prepare a schedule to determine the amount of loss that Wells Corporation should recognize for the current year.