Sandhill Construction Company began operations on January 1, 2020. During the year, Sandhill entered into a non-cancellable contract with Monty Corp. to construct a manufacturing facility. At that time. Sandhill 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 $6,031,000. During the year, Sandhill incurred $1.083,200 in construction costs related to the project. The estimated cost to complete the contract is $4,332,800. Monty Corp. was billed and paid 26% 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, 2020, and the amount to be shown as contract assets or liabilities at December 31, 2020, under the completed-contract method. (Do not leave any answer field blank. Enter O for amounts. Enter negative amounts using either a negative sign preceding the number es-45 or parentheses eg. (45)) Gross profit to be recognized for the year ended December 31,2020 Sandhill Construction Company Computation of Contract Liability Gross profit to be recognized for the year ended December 31, 2020 Sandhill Construction Company Computation of Contract Liability Prepare schedules to calculate the amount of gross profit to be recognized for the year endeli December 31, 2030 and the amount to be shown as contract asses or ablities at December 3122020nder the percentage of completion method (Enter negative amounts using either a negative sign preceding the number es 45 or parentheses es (4511 Computation of Gross Profit and Contract Liability