The board of directors of Blue Construction Company is meeting to choose between the completed-contract method and the percentage-of-completion method of accounting for long-term contracts in the company's financial statements. You have been engaged to assist Blue's controller in the preparation of a presentation to be given at the board meeting. The controller provides you with the following information: 1. Blue commenced doing business on January 1, 2021. 2. Construction activities for the year ended December 31, 2021, were as follows: Total Contract Price Billings Through 12/31/21 Cash Collections Through 12/31/21 Contract Costs Incurred Through 12/31/21 Estimated Additional Costs to Complete Contracts Project A $ 510,000 $ 350,000 $ 320,000 $ 434,000 $ 111,000 B 730,000 220,000 220,000 210,000 490,000 480,000 485,000 400,000 360,000 -0- D 205,000 110,000 70,000 133,000 107,000 E 460,000 410,000 410,000 330,000 82,500 $2,385,000 $1,575,000 $1,420,000 $1,467,000 $790,500 3. Each contract is with a different customer. 4. Any work remaining to be done on the contracts is expected to be completed in 2022. Indicate the balances that would appear in the balance sheet at December 31, 2021 for the following accounts for Project D (fourth project), assuming that the percentage-of-completion method is used. Accounts Receivable $ Billings on Construction in Process $ Construction in Process $ e Textbook and Media List of Accounts How would the balances in the accounts discussed in part (c) change (if at all) for Project D (fourth project), if the completed- contract method is used? If the completed-contract method is used the account balances e Textbook and Media