Question: On July 1 , 2 0 2 5 , Oriole Construction Company Inc. contracted to build an office building for Winds Corp. for a total

On July 1,2025, Oriole Construction Company Inc. contracted to build an office building for Winds Corp. for a total contract price of $1,880,000. On July 1, Oriole 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 Winds for 2025,2026, and 2027.At12/31/25At12/31/26At12/31/27Contract costs incurred to date$298,000$1,194,000$2,098,500Estimated costs to complete the contract1,192,000796,000-0-Billings to Winds300,0001,100,0001,820,000Using the cost-recovery method, prepare a schedule to compute the profit or loss to be recognized as a result of this contract for the years ended December 31,2026.(Ignore income taxes.)(If answer is 0, please enter O. Do not leave any fields blank.)2026
On July 1 , 2 0 2 5 , Oriole Construction Company

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