5. On June 15, 2020, Lion Construction signed a $ 360,000 contract to build a small 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) 2020 2021 Actual costs incurred$ 120,000$ 204,000 Estimated costs to complete 200,000-O- Progress billings 112,000248,000 Collections 110,000250,000 8 Instructions Header Calculate how much gross profit that Lion should recognize each year, assuming: Method Used For 2020For 2021 a) Completed contract b) Percentage of completion