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Revenue Recognized 359,100 Costs Incurred 286,900 Profit/ (Loss) Recognized in 2017 72,200 2018 Costs to date (12/31/18) 1,213,900 Estimated Costs to Complete 776,100 Estimated Total Costs 1,990,000 T Contract Price 1,890,000 T Total Profit/Loss (100,000) Total Profit/Loss (100,000) Adjust for Gross Profit/Loss Recognized in 2017 72200 Profit/ (Loss) Recognized in 2018 (27,800) 2019 Costs to date (12/31/19) 2,091,300 Estimated Costs to Complete 0 2,091,300 Contract Price 1,890,000 Total Profit/Loss (201,300) Total Profit/Loss (201,300) Adjust for Gross Profit/Loss Recognized in 2017 72,200 Adjust for Profit/Loss Recognized in 2018 (27,800) 44,400 Profit/ (Loss) Recognized in 2019 (156,900) (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.) (If answer is 0, please enter 0. Do not leave any fields blank. Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) 2018 x2 Contract Price 1,890,000 Estimated Costs 1,990,000 Profit/ (Loss) Recognized in 2018 (100,000) 2019 Costs Incurred 2,091,300 Contract Price 1,890,000 Total Profit/ (Loss) on Contract (201,300) Adjust for Profit/Loss Recognized in 2018 | (100,000) Profit / (Loss) Recognized in 2019 (301,300)

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