Beck Construction Company began work on a new building project on January 1, 2020. The project is to be completed by December 31, 2022, for a fixed price of $187 million. The following are the actual costs incurred and estimates of remaining costs to complete the project that were made by Beck's accounting staff: Years Actual costs incurred in each year Estimated remaining costs to complete the project (measured at Dec. 31 of each year) 2020 $ 50 million $ 100 million 2021 $ 85 million $ 85 million 2022 $ 55 million $ 0 Required: What amount of gross profit (or loss) would Beck record on this project in each year, assuming that Beck recognizes revenue for this project upon completion of the project
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