On July 1, 2017, Sheridan Construction Company Inc. contracted to build an office building for Gumbel Corp. for a total contract price of $1,880,000. On July 1, Sheridan estimated that it would take between 2 and 3 years to complete the building. On December 31, 2019, the building was deemed substantially completed. Following are accumulated contract costs incurred, estimated costs to complete the contract, and accumulated billings to Gumbel for 2017, 2018, and 2019. At 12/31/17 At 12/31/18 At 12/31/19 Contract costs incurred to date $298,000 $1,194,000 $2,098,500 Estimated costs to complete the contract 1,192,000 796,000 –0– Billings to Gumbel 300,000 1,100,000 1,820,000 (a) Using the percentage-of-completion 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 field blank.) 2017 [Entry field with correct answer] Costs to date (12/31/17) Estimated Total Costs Percent Complete Revenue Recognized Profit / (Loss) Recognized in 2017 Estimated Costs to Complete $ [Entry field with correct answer] [Entry field with correct answer] Costs to date (12/31/17) Revenue Recognized Estimated Costs to Complete Profit / (Loss) Recognized in 2017 Estimated Total Costs Percent Complete [Entry field with correct answer] [Entry field with correct answer] Revenue Recognized Percent Complete Profit / (Loss) Recognized in 2017 Costs to date (12/31/17) Estimated Costs to Complete Estimated Total Costs $ [Entry field with correct answer] [Entry field with correct answer] Profit / (Loss) Recognized in 2017 Percent Complete Costs to date (12/31/17) Estimated Total Costs Estimated Costs to Complete Revenue Recognized [Entry field with correct answer] % [Entry field with correct answer] Estimated Total Costs Percent Complete Revenue Recognized Estimated Costs to Complete Costs Incurred Profit / (Loss) Recognized in 2017 $ [Entry field with correct answer] [Entry field with correct answer] Estimated Costs to Complete Revenue Recognized Percent Complete Costs Incurred Profit / (Loss) Recognized in 2017 Estimated Total Costs [Entry field with correct answer] [Entry field with correct answer] Estimated Total Costs Costs Incurred Percent Complete Profit / (Loss) Recognized in 2017 Estimated Costs to Complete Revenue Recognized $ [Entry field with correct answer] 2018 [Entry field with correct answer] Estimated Total Costs Total Profit/Loss Contract Price Costs to date (12/31/18) Estimated Costs to Complete Gross Profit Recognized in 2017 Profit / (Loss) Recognized in 2018 Profit/Loss Recognized in 2017 $ [Entry field with correct answer] [Entry field with correct answer] Gross Profit Recognized in 2017 Contract Price Estimated Total Costs Profit/Loss Recognized in 2017 Profit / (Loss) Recognized in 2018 Total Profit/Loss Costs to date (12/31/18) Estimated Costs to Complete [Entry field with correct an.