Please show all work! I need to know how to solve this step by step. Thanks in advance!

Language 4. howay contractor is trying to develop their income statement for year 2020. The castlegate shopping mall project, which is one of their projects, started in March, 2019 and will be completed in October 2021. However, as of December 31, 2020, Howdy is almost certain that the project will result in a loss of $ 1,250,000 when the project is completed in 2021. Determine the gross profit that will be reported for the castlegate project in 2020. Ignore G&A costs in your calculation. Howdy uses the percentage of completion (POC) method. Show all of your calculations to get full credit. The project's information is provided below. Project Name Castlegate Shopping Mall Contract Price $25,350,000 Total cost $23,100,100 Cumulative Cost End 2019 $7,850,970 $9,930,150 11,250,250 18,480,600 End 2020 End 2019 End 2020 Cumulative Billing A) Before Loss is recognized Yr POC Revenue Expenses Gross Profit 2019 2020 B) After Loss is recognized Yr POC Revenue 2020 Expenses Loss adj. exp. Gross Profit Language 4. howay contractor is trying to develop their income statement for year 2020. The castlegate shopping mall project, which is one of their projects, started in March, 2019 and will be completed in October 2021. However, as of December 31, 2020, Howdy is almost certain that the project will result in a loss of $ 1,250,000 when the project is completed in 2021. Determine the gross profit that will be reported for the castlegate project in 2020. Ignore G&A costs in your calculation. Howdy uses the percentage of completion (POC) method. Show all of your calculations to get full credit. The project's information is provided below. Project Name Castlegate Shopping Mall Contract Price $25,350,000 Total cost $23,100,100 Cumulative Cost End 2019 $7,850,970 $9,930,150 11,250,250 18,480,600 End 2020 End 2019 End 2020 Cumulative Billing A) Before Loss is recognized Yr POC Revenue Expenses Gross Profit 2019 2020 B) After Loss is recognized Yr POC Revenue 2020 Expenses Loss adj. exp. Gross Profit