On June 15,2023 , Lion Construction signed a $360,000 contract to build a small building. Lion estimated that the total cost would be $320,000. Construction started immediately because the required completion date was August 31, 2024. Lion's relevant data relating to this construction project were as follows: Instructions Calculate how much gross profit that Lion should recognize each year, assuming: Method Used For 2023 For 2024 a) Completed contract b) Percentage-of-completion