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Question - On March 1, 2020, Sandhill Construction Company contracted to construct a factory building for Fabrik Manufacturing Inc. for a total contract price of $8,400,000. The building was completed by October 31, 2022. The annual contract costs incurred, estimated costs to complete the contract, and accumulated billings to Fabrik for 2020, 2021, and 2022 are given below:
2020
2021
2022
Contract costs incurred during the year
$2,683,800
$2,280,200
$2,336,000
Estimated costs to complete the contract at 12/31
3,706,200
2,336,000
-0-
Billings to Fabrik during the year
3,180,000
3,500,000
1,720,000
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, 2020, 2021, and 2022. (Ignore income taxes.)
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