Really need help with this! Thanks!

Gergen Construction entered into a fixedprice contract with Bash, King, and Associates on July 1, Year 1, to construct a sound stage for web video productions. At that time, Gergen estimated that it would take between two and three years to complete the project. The total contract price for construction of the building is $4,480,000. Gergen concludes that the contract does not qualify for revenue recognition over time. The sound stage was completed on December 31, Year 3. Estimated percentage of completion, accumulated contract costs incurred. estimated costs to complete the contract, and accumulated billings to Bash. King. and Associates under the contract were as follows: At 12-31-Year At 12-31-Year At 12-31-Year 1 2 3 Percentage of completion 10% 60% 100% Costs incurred to date $ 367,000 $2,856,000 $4,818,000 Estimated costs to complete 3,303,000 1,904,000 0 Billings to Axelrod, to date 728,000 2,330,000 4,480,000 Required: 1. Compute gross profit or loss to be recognized as a result of this contract for each of the three years. 2. Assuming Gergen recognizes revenue over time according to percentage of completion, compute gross profit or loss to be recognized in each of the three years. 3. Assuming Gergen recognizes revenue over time according to percentage of completion, compute the amount to be shown in the balance sheet at the end of Year1 and Year 2 as either cost in excess of billings or billings in excess of costs. Complete this question by entering your answers in the tabs below. Req land 2 - 1. Compute gross prot or loss to be recognized as a result of this contract for each of the three years. 2. Assuming Gergen recognizes revenue over time according to percentage of completion, compute gross profit or loss to be recognized in each of the three years. (Leave no cells blank - be certain to enter "0" wherever required. Loss amounts should be indicated with a minus sign.) Total project prot (loss) Complete this question by entering your answers in the tabs below. Req land 2 E Assuming Gergen recognizes revenue over time according to percentage of completion, compute the amount to be shown in the balance sheet at the end of Year 1 and Year 2 as either cost in excess of billings or billings in excess of costs