Comparison of Construction Accounting Conventions Consider a construction project with an expected duration of 12 months - The bid price is $1,342,000 - The starting date of the project is specified as July 12022 - The expected cost of the project is $1,220,000 - The general and administrative (G\&A) cost for this project is $70,000 - For simplicity, retainage of 10% is withheld during the entire duration of the project - m. The details on expenditures and costs are in the Table next page Q) Determine the net profit of this project as of December 31, 2022based on 1) Cash basis, 2) Billings basis, 3) Percent of Completion basis, and 4) Completed Contract basis