Wong entered into a non-cancellable fixed price contract for $2.8 million beginning August 1, 2020, to build a condominium. It has been estimated that the construction will be complete by June 2022. The following data pertains to the construction periods with calendar year ends. 2020 2021 2022 Costs to date Estimated costs to complete 70,000 1,700,000 Progress billings to date (non-refundable) 850,000 800,000 190,000 2,350,000 600,000 2,300,000 2,800,000 110,000 2,800,000 0 Cash collected to date Required: a. Using the percentage-of-completion method, calculate the estimated gross profit that would be recognized during each year of the construction period. Round the percent complete to the nearest whole percentage point. b. Prepare the journal entries for 2021 and 2022. c. What is the balance in the Contract Asset/Liability account on December 31, 2020, 2021 and 2022? d. Show how the construction contract would be reported on the statement of financial position (SFP) and the income statement for the year ended December 31, 2022. e. Using the zero-profit (completed contract) method, what is the gross profit in each of the years