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Splish Construction Company began operations on January 1, 2020. During the year. Solish Construction entered into a contract with Lundquist Corp. to construct a manufacturing

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Splish Construction Company began operations on January 1, 2020. During the year. Solish Construction entered into a contract with Lundquist Corp. to construct a manufacturing facility. At that time. Splish estimated that it would take 5 years to complete the facility at a total cost of $4,540,000. The total contract price for construction of the facility is $6,001,000. During the year, Splish incurred 51,132,950 in construction costs related to the construction project. The estimated cost to complete the contract is $4.262.050 Lundquist Corp. was billed and paid 23% of the contract price Prepare schedules to compute the amount of gross profit to be recognized for the year ended December 31, 2020, and the amount to be shown as costs and recognized profit in excess of billings" or "billings in excess of costs and recognized profitat December 31. 2020, under each of the following methods. (Enter negative amounts using either a negative sign preceding the numberes.-45 or parentheses es (451. If answer is 0, please enter O. Do not leave any fields blank.) (al Completed contract method. Greas Profit to be recognized $ Computation of Billingson. Uncompleted Contract in Excess of Related Costs under Completed-Contract Method $ (b) Percentage of completion method Computation of Gross Profit to Be Recognized under Percentage-of-Completion Method Attempts of 15 used Sun A

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