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 Progress billings 112,000 248,000 Collections 110,000 250,000 -0- Instructions Calculate how much gross profit that Lion should recognize each year, assuming: Eor 2020 Method Used a) Completed contract b) Percentage of completion For 2021