Essan Construction Inc. which has a calendar year end, has entered into a non cancellable fond price contract for 52.6 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 $723,200 $1.551700 $2,182.000 Estimated costs to complete 1.536.800 1,078,300 Progress billings to date (non refundable) 801.200 2.132.000 2.600,000 Cash collected to date 623.200 1.987.000 2.600.000 0 Using the percentage of completion method, calculate the percent complete for 2020 und 2021. Round answers to 2 decimal places, s. 52.75%) 2020 2021 e Using the percentage of completion method, calculate the percent complete for 2020 and 2021. Round answers to decimal places, es. 52.75%) 2020 2021 Percent complete 12 X 59 eTextbook and Media List of Accounts Calculate the amount of revenue to be recognized in 2020 and 2021 2020 2021 Revenue to be recognized $ 19000 000 Twth and Media December 31, 2021. to record long term contrare, expand lows for 2021 accounts are automatically indented when the amount interd. Do not indent morally no entry into Entry for the accounts and enter for the amounts) Date Account Titles and Explanation Debit Credit December 31, 2021 Constructions 1551700 Contacts 117700 Revenue from anomat e Textbook and Media What is the balance in the ContractAsset/tability account of December 31, 2020 d 2001 either a noves preceding the numbers-45 perheese 451) Balance in the Contract stability account December 31, 2020 December 31, 2001 eToxtbook and Media List of Accounts Show how the construction contracte reported on the stand the othewwended 2021. (internetve amounts other preciembre-Sorpresas) SANDHILL CONSTHUCTION INC Show how the construction contract would be reported on the SP and the income statement for the year ended December 31, 2021 (Enter negative amounts using either a negative sin preceding the number as 45 or parentheses (451 SANDHILL CONSTRUCTION INC Partin Statement of Financial Position December 31, 2001 Current A Cash Current Liste Contract SANDHILL CONSTRUCTION INC Partial income Statement SANDHILL CONSTRUCTION INC Partial income Statement Year December 2001 $ e Textbook and Media List of Accounts Assume that Sandhill uses the zero profit or completed contract method. What would be the journal entry recorded on December 31, 2021? (Credit account titles are automatically Indented when the noun is entered Do not indent manuallyIf no entry is required, select "No Entry for the account titles and enter for the amounts) Account Titles and Explanation Debit December 31, 2021 Date Credit cTextbook and Media List of Accounts