Sandhill Construction Company began operations on January 1, 2023. During the year, Sandhill entered into a non-cancellable contract with Sweet Acacia 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 $4,477,000. The total contract price for construction of the facility is $6,007,000. During the year, Sandhill incurred $1,242,920 in construction costs related to the project. The estimated cost to complete the contract is $4,161,080. Sweet Acacia was billed and paid 25% 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, 2023, and the amount to be shown as contract assets or liabilities at December 31,2023 , under each of the following methods. Sandhill Construction Company began operations on January 1, 2023. During the year, Sandhill entered into a non-cancellable contract with Sweet Acacia 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 $4,477,000. The total contract price for construction of the facility is $6,007,000. During the year, Sandhill incurred $1,242,920 in construction costs related to the project. The estimated cost to complete the contract is $4,161,080. Sweet Acacia was billed and paid 25% 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, 2023, and the amount to be shown as contract assets or liabilities at December 31,2023 , under each of the following methods