*Problem 18-11 Your answer is partially correct. Try again. On July 1, 2017, Skysong Construction Company Inc. contracted to build an office building for Gumbel Corp. for a total contract price of $1,880,000. On July 1, Skysong estimated that it would take between 2 and 3 years to complete the building. On December 31, 2019, the building was deemed substantially completed. Following are accumulated contract costs incurred, estimated costs to complete the contract, and accumulatedbilings to Gumbel for 2017, 2018, and 2019 At 12/31/17 12/31/18 12/31/19 At At Contract costs incurred to date Estimated costs to complete the contract Billings to Gumbel S315,000 $1,103,200 $2,078,900 866,800 300,000 1,090,000 1,830,000 1,185,000 (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, 2017, 2018, and 2019 e.g. (45)) (Ignore income taxes.) (If answer is 0, please enter 0. Do not leave any field blank. Enter negative amounts using either a negative sign preceding the number e.g.-45 or parentheses 2017 $51500 18500 50000 osts to date (12/31/17 imated Costs to Compl timated Total Co Percent Com plete enue Recognize S59480 osts Incurr 315000 rofit/(Loss Recognized in 201 980 201 S36680 110320 97000 imated Costs to Complete osts to date (12/31/18 imated Total Co Adjust for Gross Profit 65800 Estimated Total Costs 788200 fit(Loss) Recognized in 201 130200 2019 osts to date (12/31/19 078900 078900 1880000 ontract Pri Profit (Loss) Recogni Contract Price 2078900 Adjust for Profit/Loss F 1103200 975700 nized in 201 148500 (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, 2017, 2018, and 2019. (Ignore income taxes.) (Ifanswer is 0, please enter O. Do not leave any fields blank. Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g 2018 ontract Pric 1880000 Estimated Costs 2049800 Proft fit (Loss) Recognized in 2018169800) 2019 Contract Price 1880000 ust for Profit/Loss 1052800 Profit(Loss) Recogni 827200 866800 (39600) Costs Incurred Question Attempts: 2 of 5 used or nelated cani8. All rights