Sunland Construction Company began operations on January $1,2023.$ During the year Sunland entered into a non $-$ cancellable contract with Novak Corp. to construct a manufacturing facility At that time $,$ Sunland estimated that it would take five years to complete the facility at a total cost of $ $4\mathrm{.}533,000.$ The total contract price for construction of the facility is $ $6,019,000$ During the year Sunland incurred $ $1,143\mathrm{.}030$ in construction costs related to the project The estimated cost to complete the contract is $ $4,299,970$ Novak was billed and paid $25\%$ of the contract price $.$ The billings are non $-$ refundable $.$ Prepare schedules to calculate the amount of gross profit to be recognized for the year ended December $31,2023,$ and the amount to be shown as contract assets or liabilities at December $31,2023,$ under each of the following methods $($ a $)$ Completed $-$ contract method $.$ Sunland Construction Company Computation of Contract Liability eTextbook and Media Attempts : of $3$ used Submit Answer