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XYZ Construction Co. began operations in 2020. Construction activity for 2020 is shown below. XYZ uses the cost recovery method.
| Contract | Contract Price | Collections through 12/31/20 | Accounts Receivable, 12/31/20 | Estimated cost through 12/31/20 | Costs incurred to 12/31/20 | Costs to Complete |
| Contract 1 | 7,700,000 | 5,500,000 | 2,200,000 | 6,700,000 | 6,850,000 | - |
| Contract 2 | 8,300,000 | 4,180,000 | 800,000 | 4,100,000 | 4,233,000 | 2,822,000 |
| Contract 3 | 4,600,000 | 2,760,000 | - | 3,600,000 | 3,325,000 | 1,425,000 |
Answer the following:
-Estimated gain/loss on Contact #1, #2 and #3
-Total estimated gain/(loss) in all the contracts of XYZ Corp.
-Contract asset and contract liability to be recognized in contract #1, #2 and #3
-Progress Billings of Contract #1
-The Construction in Progress of Contract # 2
-The Construction in Progress of Contract # 3
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