Hemsworth Ltd. Began work in 2020 on a contract for $960,000. Other details follow: Costs incurred during the year Estimated costs to complete as of December 31 Billings during the year Collections during the year 2020 $160,000 480,000 180,000 150,000 2021 $490,000 0 720,000 975,000 Assume that Hemsworth uses the completed-contract method of accounting. The portion of the total gross profit to be recognized in 2021 is O $120,000 O $960.000. O $180,000. O $310,000