11) (15 marks) During 2020, ABC Construction Co. began a construction job with a contract price of $2.8 million. The job was completed in 2022. The data below is available: 2020 2021 Costs Incurred to Date $1,000,000 $1,600,000 2022 $1,800,000 Estimated Costs to Complete $1,100,000 Billings to Date $1,050,000 Collections to Date $900,000 $400,000 $2,150,000 $2,100,000 $0 $2,800,000 $2,800,000 ABC Construction Co. follows IFRS and therefore, uses the percentage-of-completion method to account for its long-term contracts. Required: Round all currency to 2 decimal places. Round all percentages to 7 decimal places. a) Determine the percentage complete for the end of 2020, 2021, and 2022. b) Calculate the amount of gross profit to be recognized each year assuming the percentage-of-completion method is used