Information on a construction contract of the ABD Company is presented below: Contract Price: $9,000,000 2019 2020 2021 2022 Costs incurred (cumulative) to date $1,500,000 $4,000,000 $4,750,000 $0 Estimated costs to complete the project 3,400,000 700,000 0 0 Billings to the client (Billings) 4,000,000 3,000,000 2,000,000 0 Cash Received from Client 0 4,000,000 3,000,000 2,000,000 Instructions: ASSUMING PERCENTAGE COMPLETION IS USED 1. Prepare the necessary inputs for 2020. In this year the construction was finished and the project was delivered. 2: Prepare the presentation in the 2020 Situation Statement that applies to this contract. 3. How much is the balance of the Construction in Progress account as of 12/31/2021?