5. On June 15, 2020, Lion Construction signed a $360,000 contract to build building Lion estimated that the total cost would be $ 320,000. Construction started immediately because the required completion date was August 31, 2021. Lion's relevant data relating to this construction project were as follows: (20 marks) 2029 Actual costs incurred $ 120,000 $ 204,000 Estimated costs to complete 200,000 Progress billings 112,000 248,000 Collections 110,000 250,000 Instructions Calculate how much gross profit that Lion should recognize each year, assuming For 2020 For 2021 Method Used a) Completed contract b) Percentage of completion