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View Policies Current Attempt in Progress On July 1, 2020, Cheyenne Construction Company Inc. contracted to build an office building for Gumbel Corp. for a total contract price of $1,900,000. On July 1, Cheyenne 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. At 12/31/20 At 12/31/21 At 12/31/22 Contract costs incurred to date $319,200 $1,174,100 $2,082,700 Estimated costs to complete the contract 1,200.800 815,900 -0- Billings to Gumbel 300,000 1,090,000 1,840,000 (a) Using the percentage-of-completion 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 field blank. If an should be deducted then the nount using either a negative sign prececeding the number e.g. -45 or parenthesis eg.(45).) 2020 $ $ % (a) Using the percentage-of-completion 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 o, please enter O. Do not leave any field 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).) 2020 $ $ % $ 2021 2021 5 > $ 5 $ 2022 $ Question 5 of 5 - / 20 2022 $ $ $ $ $ (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 e.g. (45).) 2021 Question 5 of 5 - / 20 (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 e.g. (45).) 2021 2022 $ Save for Later Attempts: 0 of 1 used Submit