During 2020, Bridgeport Corporation started a construction job with a contract price of $5.60 million. Bridgeport ran into severe technical difficulties during construction but managed to complete the job in 2022. The contract is non-cancellable. Under the terms of the contract, Bridgeport sends billings as revenues are earned Billings are non-refundable. The following information is available: 2022 2021 $2,800,000 2,800,000 2020 Costs incurred to date $ 800,000 Estimated costs to complete 4,200,000 $5,500,000 -0- Billings for the construction contract were as follows: 2020, $700,000; 2021. $2,500,000; and 2022 $2,400,000 Calculate the balance of the Contract Asset/Liability account at the end of each year using the percentage-of-completion method. (Do not leave any answer field blank. Enter for amounts.) December 31, 2020 December 31, 2021 December 31 $ Balance of the Contract Asset/Liability eTextbook and Media Calculate the balance of the Contract Asset/Liability account at the end of each year using the zero-profit and completed- contract methods. (Do not leave any answer held blank. Enter for amounts.) December 31, 2020 December 31, 2021 December 31 5 Balance of the Contract Asset/Liability $