The board of directors of Marigold 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 Marigold's controller in the preparation of a presentation to be given at the board meeting. The controller provides you with the following information: 1. Marigold commenced doing business on January 1,2021. 2. Construction activities for the year ended December 31,2021 , were as follows: 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. Part 1 Compute the amount of income (or loss) before selling, general, and administrative expenses for the year ended December 31 , 2021, which would be reported under: (1) The completed-contract method. 5 (2) The percentage-of-completion method (based on estimated costs). \$