On July $1,2025,$ Carla Vista Construction Company Inc. contracted to build an office building

for the Vaghn Corp. for a total contract priced of $$1,880,000.$ On July $1,$ Carla Vista estimate

that it would take between $2$ and $3$ years to complete the building. On Dec $31,2027,$ the

building was deemed substantially completed. Follow are accumulated contract costs incurred,

estimated costs to complete the contract, and accumulated billings to Vaughn for $2025,2026,$

and $2027$

Do not leave any field blank $($Ignore income taxes.$)$

$($a$1)$ Using the percentage$-$of$-$completion method, prepare a schedule to compute the profit or

loss to be recognized as a result of this contract for the year ended Dec $31,2025.$

Using the percentage$-$of$-$completion method, prepare a schedule to compute the profit

or loss to be recognized as a result of this contract for the year ended Dec $31,2026.$

Using the percentage of completion method, prepare a schedule to compute the $($a$3)$ profit or loss to be recognized as a result of this contract for the year ended Dec $31,2027.$

$2027$