show work please

Problem 4 (16 points) Use this information to answer the following questions: ABC Construction Company, Inc., entered into a fixed price contract with XYZ Associates on July 1, 2018, to construct a four-story office building At that time, ABC estimated that it would take between two and three years to complete the project. The total contract price for construction of the building is $8,000,000. ABC concludes that the contract does not quality for revenue recognition over time. The building was completed on December 31, 2020. Estimated percentage of completion, accumulated contract costs incurred, and estimated costs to complete the contract to XYZ under the contract were as follows: At 12-31-2018 12-31-2019 12-31-2020 Percentage of completion 10% 60% 100% Costs incurred to date S 700,000 $5,000,000 $8,500,000 Estimated costs to complete 6,300,000 3,400,000 -0 Required: For each of the three years, prepare a schedule to compute total gross profit or loss to be recognized as from this contract Assuming ABC recognizes revenue over time according to percentage of completion, compute gross profit or loss to be recognized in each of the three years