The board of directors of Oriole Construction Company is meeting to choose between the cost-recovery 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 Oriole's controller in the preparation of a presentation to be given at the board meeting. The controller provides you with the following information: 1. Oriole commenced doing business on January 1, 2024. 2. Construction activities for the year ended December 31, 2024, 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 2025. (a) Compute the amount of income (or loss) before selling, general, and administrative expenses for the year ended December 31, 2024, which would be reported under: (1) The cost-recovery method. $ (2) The percentage-of-completion method (based on estimated costs)