CALCULATOR PRINTER VERSION BACK NEXT Problem 18-11 Your answer is partially correct. Try again. On July 1, 2020, Metlock Construction Company Inc. contracted to build an office building for Gumbel Corp. for a total contract price of $1,890,000. On July 1, Metlock 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 sy At At At 12/31/20 12/31/21 12/31/22 Contract costs incurred to date $304,000 $1,207,800 $2,099,200 Estimated costs to complete the contract 1,216,000 772,200 -0- Billings to Gumbel 300,000 1,000,000 1,830,000 (a) Using the percentage of completion method, prepare schedules to compute the prylit 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 iso, please enter o ho not leave any field bank. If an amount should be deducted the enter the amount using either a negative sign prececeding the number .. 45 or parenthesis ..(45).) 2020 Couts to date (12/31/20) Estimated costo com Costs to date (12/31/20) TOO ONO Estimated Total Costs Percent Complete Mocflook $$ 28 RO ( ) 0 3 & A 9 $ 6 7 00 Help System Announcements CALCULATOR PRINTER VERSION BACK ES NEXT x 2021 IN Study 2022 MacBook to D CALCULATOR PRINTER VERE 2022 x KPK (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 2020, 2021, and 2022. (Ignore income taxes.) (If answer is o, please enter O. Do not leave any fields blank. If an amount should be deducted the amount using either a negative sign prececeding the number e.g. -45 or parenthesis e.o. (45).) 2021 MacBook 14 04 099 CALCULATOS PRINTER VERSION NEXT (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. (Ignore income taxes.) (If answer is 0, please enter 0. Do not leave any fields blank. If an amount should be deducted then enter the amount using either a negative sign prececeding the number e.g. -45 or parenthesis eg. (45).) 2021 X 2022 COMO SHOW LIST OF ACCOUNTS LINK TO TEXT Question Attempts: 1 of 5 used