On July $1,2025,$ Carla Vista Construction Company Inc. contracted to build an office building for Vaughn Corp. for a total contract price of $$1,880,000.$ On July $1,$ Carla Vista estimated that it would take between $2$ and $3$ years to complete the building. On December $31,2027,$ the building was deemed substantially completed. Following are accumulated contract costs incurred, estimated costs to complete the contract, and accumulated billings to Vaughn for $2025,2026,$ and $2027.$ At $12/31/25$ At $12/31/26$ At $12/31/27$ Contract costs incurred to date $$315,000$ $$1,103,200$ $$2,078,900$ Estimated costs to complete the contract $1,185,000866,800-0-$ Billings to Vaughn $300,0001,090,0001,830,000(2)$

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 December $31,2026.($Ignore income taxes.$)($If answer is $0,$ please enter $0.$ Do not leave any fields blank.$)$

eTextbook and Media $($a$3)$

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 December $31,2027.($Ignore income taxes.$)($If answer is $0,$ please enter $0.$ Do not leave any fields blank.$)$

$2027$

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