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hesporise Questions) Question 22 (8 points) 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 were as follows: required completion date was August 31, 2021. Lion's relevant data relating to this construction project 2020 2021 Actual costs incurred $ 120.000 $ 204,000 Estimated costs to complete 200,000 Progress billings 112,000 248,000 Collections 110.060 250 000 Instructions ( show all supporting calculations) Calculate how much gross profit that Lion should recognize each year, assuming: Method Used For 2020 For 2021 Completed contract Percentage-of-completion