Pharoah Construction Company began operations on January 1, 2023. During the year, Pharoah entered into a non-cancellable contract with Coronado Corp. to construct a manufacturing facility. At that time, Pharoah estimated that it would take five years to complete the facility at a total cost of $4,501,000. The total contract price for construction of the facility is $6,028,000. During the year, Pharoah incurred $1,084,400 in construction costs related to the project. The estimated cost to complete the contract is $4,337,600. Coronado was billed and paid 25% 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, 2023, and the amount to be shown as contract assets or liabilities at December 31, 2023, under each of the following methods Pharoah Construction Company Computation of Contract Liability Year Ended December 31, 2023 Construction costs incurred during the year v Partial billings on contract Contract liability eTextbook and Media 1084400 1502000 $ 422600 Attempts: 1 of 3 used Percentage of completion method Pharoah Construction Company Computation of Gross Profit and Contract Liability Year Ended December 31, 2023 Percintase of completion 3 Revenue recognized + 145165160 Gross orofie 36725160 Total costs Gross profit V 2407 Activate Windows Go to Settings to active To costs Gross profit eTextbook and Media Safor La Attempts 1 of 3 used Submit Appr