Page 6 out of 10 Question 3 (40 Points) In 2020, Maple Corporation began construction on the Mocha Memorial Statue, under a three-year contract. Assume Maple uses the percentage-of completion method for financial reporting and measures progress based on costs incurred. By the end of 2020, 20% of the project was completed. The financial statement presentation relating to this contract on December 31, 2020, is as follows: Balance Sheet (Assets side) 1. Accounts receivable - construction contract billing $25 2. Construction in progress $200 Less contract billing (125) Net construction in progress $75 Balance Sheet (Liabilities side) Accounts payable - suppliers to the contract $30 Income Statement Income on the contract recognized in 2020 $80 Required: a. How much did Maple collect on this contract in 2020? b. What was the total contract revenue and what was the initial estimated income on this contract? c. How much cash did the project generate (or use) during 2020? d. By the end of 2021, due to an upcoming deadline, Maple intensified its investment in the project, and used significant overtime for its construction employees. As a result, the project costs increased. Assume costs during 2021 were $440 and that by the end of 2021, 70% of the project was completed. What was the income on the contract recognized in 2021