The board of directors of Sandhill Construction Company is meeting to choose between the cost-recovery method and the percentage-ot-completion method of accounting for long-term contracts in the company's funancial statements. You have been engaged to assist Sandhills controller in the preparation of a presentation to be given at the board meeting The controller-provides you with the following information: 1 Sandhill comenenced doing business on January 1, 2024. 2. Construction activities for the vear ended December 31,2024 , were as follown: 3. Each contract is with a different customer. 4. Any work rembining to be done on the contracts is expected to be completed in 2025. Compute the amount of income (or loss) before selling. generat, and administrative expenses for the vear ended December 31. 2024 , which would be reported under: (1) The cost-recoverymethod. (2) The percentage-of-completion method (based on estimated costs)