During 2020, Agricola Inc. started a construction job with a contract price of $8 million. The job was completed in 2022. Information (in thousands of dollars) for the three years of construction is as follows: Required: Using the PERCENTAGE-OF-COMPLETION (cost-to-cost) method: Show and label all calculations. (a) Calculate the total percentage complete for the contract at the end of each year. Round the percentage complete to two decimal places (i.e. 12.34\%). (b) Calculate the amount of gross profit that should be recognized each year on the contract. (c) What would be the value of the Contract Asset/Liability account at December 31, 2020 (and indicate if it is in an asset or liability position)