On July $1,2025,$ Cullumber Construction Company Inc. contracted to build an office building for Bonita Corp. for a total contract price of $\backslash$$$1,890,000.$ On July $1,$ Cullumber 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 Bonita for $2025,2026,$ and $2027.$ Your answer is correct.

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 $31,2025.($Ignore income taxes.$)($If answer is $0,$ please enter $0.$ Do not leave any fields blank.$)$

$2025$

Costs to Date $(12/31/25)$

Estimated Costs to Complete

$\backslash \%$

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$7$

$\backslash$$ 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.$)$

$2026$

Costs to Date $(12/31/26)$

Estimated Costs to Complete

Estimated Total Costs $\backslash (\backslash$vee $\backslash )$

Gross Profit Recognized in $2025\backslash$$ 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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$\backslash$$

$\backslash$$

$\backslash$$ 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.$)$

$2026$

Costs to Date $(12/31/26)$

Estimated Costs to Complete

Add

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$-$ 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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