View Policies Show Attempt History Current Attempt in Progress Your answer is partially correct Se Construction Company began operations on January 1, 2020, During the year, 5e Construction entered into a contract with Lundquist Corp to construct a manufacturing facility. At that time, Sage estimated that it would take 5 years to complete the facility at a total cost of $4,501.000. The total contract price for construction of the facility is 56,020.000. During the year, Sape incurred 51,084.400 in construction costs rebted to the construction project. The estimated cost to complete the contract is $4,337,600 Lundquist Corp,ww billed and paid 26% of the contract price Prepare schedules to compute the amount of gross proht to be recognized for the year ended December 31, 2020, and the amount to be shown as "costs and recognized profit in excess of billings" or "billings in excess of costs and recognised profit' at December 31. 2020, under each of the following methods. (Enter negative amounts using either a nepotiwe en preceding the number -45 or porentheseses (45) answer is please enter O. Do not leave any fields blank) (a) Completed-contract method Gross Pront to be recognized $ -482880 Computation of Billipes on Uncompleted Contract in Excess of Related Costs under Completed Contact Method Question 2 of 3 > 8.33/333 Computation of Billings.on. Uncomoleted Contract in Excesso Related Costs under Completed Contract Method Construction Concurred During the Year 4400 Portalings on Contract 1567210 18 Percentage of completion method. Computation of Gross. Profit to Be Reconized under Percentage of completion Method Question 2013 8.33/333 III e Textbook and Media Solution Assistance Used Sora Attempts of 15 used Subter