Profitable longterm contracts 5. On May 1, 2020, Jackson Construction Company contracted to construct a factory building for a total contract price of $9,600,000. The building was completed by May 31, 2022. The annual contract costs incurred, estimated costs to complete the contract, and accumulated billings to Fabrik for 2020, 2021, and 2022 appear below. 2020 2021 2022 $3,400,000 $2,400,000 $2,900,000 Estimated costs to complete $4,600,000 $3,100,000 at 12/31 $1,200,000 $4,100,000 $4,300,000 a. Using the percentageofcompletion method, determine the profit or loss to be recognized as a result of this contract