Cummerbund Inc. (CI), a public company, constructs luxury high-rise apartment buildings. In 2019, CI began construction on Tuxedo Place, a 25-storey, 500-unit building, and estimated that the contract will take three years to complete. The total contract price is set at $40,000,000. CI uses the input method based on costs to measure its construction progress. At the end of 2019, CI recognized revenue of $15,000,000 and incurred costs of $10,000,000 related to Tuxedo Place. CI also made $9,500,000 of progress billings in 2019, and the accounts receivable balance was $525,000 at the end of 2019. The following information relates to 2020: Costs incurred during the year $12,000,000 Estimated costs to complete at December 31, 2020 14,600,000 Billings during the year 13,500,000 Collections during the year 13,525,000 Required: a) Calculate the revenue to be recognized for 2020. (2 marks) b) Calculate the profit or loss to be recognized for 2020. (1 mark) c) Calculate the following items as they would appear on the statement of financial position at the end of 2020: i. Net contract asset or liability ii. Accounts receivable