Oriole Construction Company began operations on January 1, 2020. During the year, Oriole entered into a non-cancellable contract with Sheffield Corp. to construct a manufacturing facility. At that time, Oriole estimated that it would take five years to complete the facility at a total cost of $4,480,000. The total contract price for construction of the facility is $6,024,000. During the year, Oriole incurred $1,070,800 in construction costs related to the project. The estimated cost to complete the contract is $4,283,200. Sheffield 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. Your answer is correct. Completed-contract method. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Oriole Construction Company Computation of Contract Liability Year Ended December 31, 2020 V Construction costs incurred during the year $ $1,070,800 Partial billings on contract (1,385,520) i Contract liability $ (314,720) e Textbook and Media Percentage-of-completion method. (Enter negative amounts using either a negative sign preceding the number eg.-45 or parentheses eg.(45).) Oriole Construction Company Computation of Gross Profit and Contract Liability Year Ended December 31, 2020 Contract price $ $6,024,000 Estimated costs to complete $ Costs to date % $ $ e Textbook and Media