Your answer is partially correct. Calculate the balance of the Contract Asset/Liability account at the end of each year using the zero-profit and completed- contract methods. (Do not leave any answer field blank. Enter 0 for amounts.) December 31, 2020 ? December 31, 2021 Decer Balance of the Contract Asset/Liability $ 174,400 $ 400,000During,r 2020, Swift}! Corporation started a construction job with a contract price of $4.34 million. Swifty ran into severe technical difculties during construction but managed to complete the job in 2022. The contract is noncancellable. Under the terms of the contract, Swift}! sends billings as revenues are earned. Billings are nonrefundableThe following information is available: 2020 2021 2022 Costs incurred to date $ 620,000 $2,170,000 $4,240,000 Estimated costs to complete 3,255,000 2,170,000 0 Billings for the construction contract were as follows: 2020, $520,000; 2021, $2,050,000; and 2022, $1,770,000