The Dr. Parsons Construction Company provided the following data for which it uses the percentage-of-completion method: Construction contract price $2,200,000. Year 1 Year 2 Year 3 500,000 1,500,000 Costs incurred during the year Estimated future costs Progress billings during the year Collections during the year 900,000 350,000 400,000 0 400,000 300,000 800,000 820,000 1,000,000 860,000 You are not required to prepare any journal entries. What percent complete was the project by the end of year two? (6 marks) What is the net balance in the contract asset (or contract liability) by the end of year two? (18 marks) What is the balance in accounts receivable at the end of year two? (6 marks) Please label your calculations