Sunland Construction Company began operations on January 1, 2023. During the year, Sunland entered into a non-cancellable contract with Bramble Corp. to construct a manufacturing facility. At that time, Sunland estimated that it would take five years to complete the facility at a total cost of $4,495,000. The total contract price for construction of the facility is $6,038,000. During the vear, Sunland incurred $1,190,640 in construction costs related to the project. The estimated cost to complete the contract is 54,221,360. Bramble 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. (a) Completed-contract method. Percentage- of -completion method