Crane Construction Inc., which has a calendar year end, has entered into a non-cancellable fixed price contract for $2.9 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		2021		2022
Costs to date		$848,000		$1,871,250		$2,428,000
Estimated costs to complete		1,802,000		623,750		0
Progress billings to date (non-refundable)		890,000		2,378,000		2,900,000
Cash collected to date		748,000		2,271,000		2,900,000

Using the percentage-of-completion method, calculate the estimated gross profit that would be recognized during each year of the construction period.

CRANE CONSTRUCTION INC.
STATEMENT OF GROSS PROFIT
	2020	2021	2022
Gross profit	$80,000	$223,750	$168,250

Using the percentage-of-completion method, prepare the journal entries for 2020 and 2021. (Use Materials, Cash, Payables for costs incurred to date.)

For the Year 2020:

Contract Asset/Liability	848000
Materials, Cash, Payables		848000
(To record cost of Construction)
Accounts Receivable	890000
Contract Asset/Liability		890000
(To record Progress billings)
Cash	748000
Accounts Receivable		748000
(To record collections)
Contract Asset/Liability	928000
Revenue from Long-Term Contracts		928000
(To record revenues)
Construction Expenses	848000
Contract Asset/Liability		848000
(To record construction expenses)

Same table for year 2021:

Contract Asset/Liability	1023250
Materials, Cash, Payables		1023250
(To record cost of Construction)
Accounts Receivable	1488000
Contract Asset/Liability		1488000
(To record Progress billings)
Cash	1523000
Accounts Receivable		1523000
(To record collections)
Contract Asset/Liability	1247000
Revenue from Long-Term Contracts		1247000
(To record revenues)
Construction Expenses	1023250
Contract Asset/Liability		1023250
(To record construction expenses)

Using the percentage-of-completion method, what is the balance in the Contract Asset/Liability account at December 31, 2020 and 2021?

Balance in the Contract Asset/Liability account

December 31, 2020	December 31, 2021
38,000	-203,000

Everything above is solved correctly. I just need help the partial statement of financial position and Income statement. The Accounts Receivable and Gross Profit are right but the rest are wrong.

Partial Statement of Financial Position December 31, 2021 Total Assets Accounts Receivable ta Total Liabilities V Accounts Payable $ CRANE CONSTRUCTION INC. Partial Income Statement Year Ended December 31, 2021 Sales Revenue $ Cost of Goods Sold Gross Profit/(Loss) $ rai tlal JualtiTICITL UIT HariclairvILIUIT December 31, 2021 Total Assets Current Assets $ Intangible Assets Current Liabilities $ Long-term Liabilities Property, plant and Equipment Shareholders' Equity RUCTION INC. he Statement Total Assets Total Current Assets ber 31, 2021 Total Current Liabilities $ Total Liabilities Total Liabilities and Shareholders' Equity $ Total Long-term Liabilities Partial Statement of Financial Position December 31, 2021 Total Assets Accounts Receivable ta Total Liabilities V Accounts Payable $ CRANE CONSTRUCTION INC. Partial Income Statement Year Ended December 31, 2021 Sales Revenue $ Cost of Goods Sold Gross Profit/(Loss) $ rai tlal JualtiTICITL UIT HariclairvILIUIT December 31, 2021 Total Assets Current Assets $ Intangible Assets Current Liabilities $ Long-term Liabilities Property, plant and Equipment Shareholders' Equity RUCTION INC. he Statement Total Assets Total Current Assets ber 31, 2021 Total Current Liabilities $ Total Liabilities Total Liabilities and Shareholders' Equity $ Total Long-term Liabilities