Canuck Corp. contracted to build a bridge for $4,000,000. Construction began in 2020 and was completed in 2021. Data relating to the construction follows: Costs incurred to date Estimated costs to complete Billings to date Collections to date 2020 2021 $1,650,000 $3,150,000 1,350,000 1,600,000 4,000,000 1,500,000 4,000,000 Required: a) Calculate the amount of gross profit to be recognized each year using the percentage- of-completion method. b) If the completed contract method was used, when and how would the gross profit be recognized? Answer using two or three sentences. Bonus Marks: For a maximum of five bonus marks, prepare the 2020 journal entries for the construction contract above assuming the percentage-of-completion method is used. To be awarded these bonus marks, you must have complete both part a) and b) above and the journal entries have to be substantially correct.