Pharoah Construction Inc., which has a calendar year end, has entered into a non-cancellable fixed price contract for $2.7 million beginning September 1, 2020, to build a road for a municipality. It has been estimated that the road construction will be complete by June 2022. The following data pertain to the construction period. 2022 Costs to date Estimated costs to complete Progress billings to date (non-refundable) Cash collected to date 2020 $718,500 1,676,500 768,500 618,500 2021 $1,751,750 523,250 2,214,000 2,099,000 $2,264,000 0 2,700,000 2,700,000 Using the percentage-of-completion method, what is the balance in the Contract Asset/Liability account at December 31, 2020 and 2021? (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses eg. (45).) December 31, 2020 December 31, 2021 91500 $ 227558 Balance in the Contract Asset/Liability account List of Accounts --/3 Question Part Score ab a w Bi Question 3 of 20 - / 13 Using the percentage-of-completion method, show how the construction contract would be reported on the statement of financial position (SFP) and the income statement for the year ended December 31, 2021. PHAROAH CONSTRUCTION INC. Partial Statement of Financial Position December 31, 2021 Total Assets $ Total Liabilities $ PHAROAH CONSTRUCTION INC. Partial Income Statement Year Ended December 31, 2021 v $ I $ Net Income/(Loss) BI > a w search x]