Sheridan Construction Company began operations on January 1, 2020. During the year, Sheridan entered into a non-cancellable contract with Grouper Corp. to construct a manufacturing facility. At that time, Sheridan estimated that it would take five years to complete the facility at a total cost of $4,531,000. The total contract price for the construction of the facility is $5,943,000. During the year, Sheridan incurred $1,196,140 in construction costs related to the project. The estimated cost to complete the contract is $4,240,860. Grouper Corp. was billed and paid 24% 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 on December 31, 2020, under each of the following methods:

Completed-contract method. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)

Percentage-of-completion method. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)

Completed-contract method. (Enter negative amounts using either a negative sign preceding the number eg. -45 or parentheses eg. (45).) Sheridan Construction Company Computation of Contract Liability $ e Textbook and Media % A A th > >