Blossom Construction Company began operations on January $1,2023.$During the year, Blossom entered into a non$-$

cancellable contract with Wildhorse Corp. to construct a manufacturing facility. At that time, Blossom estimated that it would

take five years to complete the facility at a total cost of $$4,498,000.$The total contract price for construction of the facility is

$$6,045,000.$During the year, Blossom incurred $$1,184,040$in construction costs related to the project. The estimated cost to

complete the contract is $$4,197,960.$Wildhorse was billed and paid $25\%$of the contract price. The billings are non$-$refundable.

Prepare schedules to calculate the amount of gross profit to be recognized for the year ended December $31,2023,$and the

amount to be shown as contract assets or liabilities at December $31,2023,$under each of the following methods.nder each of the following methods.