Question 6 (10 marks) Alpha Ltd. has contracted to build an office building. Construction begins January 1, 2019 and the estimated completion date is July 1, 2021. The fixed price contract is for $180,000. Alpha has a December 31 year-end. The following data relate to the construction period: 2019 2020 2021 Costs to date Estimated costs to complete Progress billings to date Cash collected to date $ 45,000 105,000 27,000 27,000 $ 52,000 52,000 60,000 54,000 $ 165,000 -0- 180,000 162,000 a) Using the Percentage-of-Completion method, compute the gross profit from long-term contracts that would be recognized during each year of the construction periods. b) Using the Completed-Contract method, compute the gross profit from long-term contracts that would be recognized during each year of the construction periods