Project Total Contract Price Billings Through 12/31/21 Cash Collections Through 12/31/21 Incurred Through 12/31/21 Additional Costs to Complete Contracts $ 503,000 $ 343,000 $ 313,000 $ 427,000 $ 104,000 B 723,000 213,000 213,000 199,500 465,500 476,500 478,000 393,000 353,000 -0- D 201,500 103,000 66,500 126,000 100,000 E 453,000 403,000 403,000 323,000 80.750 $ 2.357.000 $ 1,540,000 $1,388,500 $ 1.428,500 $750,250 Each contract is with a different customer. Any work remaining to be done on the contracts is expected to be completed in 2022. 4. * Your answer is incorrect. Compute the amount of income (or loss) before selling, general, and administrative expenses for the year ended December 31, 2021, which would be reported under: (1) The completed-contract method. 123500 (2) The percentage-of-completion method (based on estimated costs). 40000