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Blossom Construction Inc, which has a calendar year end, has entered into a non-cancellable fixed price contract for $2.7 million beginning September 1, 2020, to

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Blossom Construction Inc, which has a calendar year end, has entered into a non-cancellable fixed price contract for $2.7 million beginning September 1, 2020, to build a road for a municipality. It has been estimated that the road construction will be complete by June 2022. The following data pertain to the construction period. 2020 Costs to date Estimated costs to complete Progress billings to date (non-refundable) Cash collected to date $717,000 1,673,000 779.000 617.000 2021 $1.728,650 516,350 2.214,000 2,087,000 2022 $2.264,000 0 2.700,000 2.700,000 . Using the percentage-of-completion method, what is the balance in the Contract Asset/Liability account at December 31, 2020 and 2021? (Enter negative amounts using either a negative sign preceding the number eg.-45 or parentheses e.g. (45)) December 31, 2020 December 31, 2021 Balance in the Contract Asset/Liability account $ $ List of Accounts Using the percentage of completion method, show how the construction contract would be reported on the statement of financial position (SFP) and the income statement for the year ended December 31, 2021. BLOSSOM CONSTRUCTION INC. Partial Statement of Financial Position $ $ BLOSSOM CONSTRUCTION INC. Partial Income Statement S Prepare a table comparing the gross profit recognized in each of the three years under (1) the percentage of completion method, (2) the zero-profit method, and (3) the completed-contract method. (Do not leave any answer field blank. Enter for amounts.) (1) Percentage-of-Completion $ (2) Zero-Profit (3) Completed-Contract 2020 $ $ 2021 $ $ $ $ $ 2022 $ S List of Accounts

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