The board of directors of Nash's 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 Nash's's controller in the preparation of a presentation to be given at the board meeting. The controller provides you with the following information: 1. Nash's 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. 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 eTextbook and Media List of Accounts Your answer is correct. How would the balances in the accounts discussed in part (c) change (if at all) for Project D (fourth project), if the completedcontract method is used? If the completed-contract method is used the account balances 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. $ (2) The percentage-of-completion method (based on estimated costs). Prepare the general journal entry to record revenue and gross profit on project B (second project) for 2021, assuming that the percentage-of-completion method is used. (Credit account titles are outomatically indented when omount is entered. Do not indent manually. If no entry is required, select "No Entry' for the occount titles and enter O for the amounts.)