Wells Corporation uses the percentage of completion method of accounting for construction costs. For Construction Project A, Wells had previously recognized revenue of $250,000 out of a total of $800,000 for the project. During the current year, the company accumulated the following information about this project:
Construction costs incurred for the year, $92,000Construction costs incurred to date (including this year's costs),
$200,000Estimated costs to complete,
$300,000Based on the previous information, prepare a schedule to determine the amount of loss that Wells Corporation should recognize for the current year.