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On March 1, 2020, Peaches Construction Company contracted to construct a factory building for Soapsuds Manufacturing Inc. for a total contract price of $8,950,000. The building was completed by October 31, 2022. The annual contract costs incurred, estimated costs to complete the contract, and accumulated billings to Fabrik for 2020, 2021, and 2022 are given below. 2020 2021 Contract costs incurred during the year $2,880,000 $2,230,000 Estimated costs to complete the contract at 12/31 3,520,000 2,190,000/-0- Billings to Fabrik during the year 3,200,000 3,500,000 2022 $2,190,000 1,700,000 Instructions a. Using the percentage-of-cor as a result of this contract for the years ended December 31, 2020, 2021, and 2022. (Ignore income taxes.) b. Using the completed-contra result of this contract for the years ended December 31, 2020, 2021, and 2022. (Ignore incomes taxes.)