Exercise 6-35 Ivanhoe Construction Company began operations on January 1, 2020. During the year, Ivanhoe entered into a non-cancellable contract with Sarasota Corp. to construct a manufacturing facility. At that time, Ivanhoe estimated that it would take five years to complete the facility at a total cost of $4,455,000. The total contract price for construction of the facility is $6,001,000. During the year, Ivanhoe incurred $1,137,150 in construction costs related to the project. The estimated cost to complete the contract is $4,277,850. Sarasota Corp. was billed and paid 23% of the contract price. The billings are non-refundable. Prepare schedules to calculate the amount of gross profit to be recognized for the year ended December 31, 2020, and the amount to be shown as contract assets or liabilities at December 31, 2020, under each of the following methods. Completed-contract method. (Enter negative amounts using either a negative sign preceding the number e.g.-45 or parentheses e.g. (45).) Ivanhoe Construction Company Computation of Contract Liability Percentage-of-completion method. (Enter negative amounts using either a negative sign preceding the number e.g.-45 or parentheses e.g. (45).) Ivanhoe Construction Company Computation of Gross Profit and Contract Liability