3. Each contract is with a different customer. 4. Any work remaining to be done on the contracts is expected to be completed in 2022 . Part 1 Compute the amount of income (or loss) before selling, general, and administrative expenses for the year ended December 31 , 2021, which would be reported under: (1) The completed-contract method. $ (2) The percentage-of-completion method (based on estimated costs). \$ List of Accounts Attempts: 0 of 1 used Part 2 Prepare the general journal entry to record revenue and gross profit on project B (second project) for 2021, assuming that the percentage-of-completion method is used. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)