3. Broncos Construction Ltd. reported the follow operations: con Ltd. reported the following construction activity in 2020, their first year of Contract Total Contract Price $ 260,000 325,000 388,000 $ 973,000 Billings through 12/31/20 $ 170,000 130,000 388,000 $ 688,000 Cash collections through 12/31/20 $ 155,000 130,000 316,000 $ 601.000 Costs Incurred through 12/31/20 $ 182,000 100,000 252,000 $ 534,000 Estimated Additional Costs to Complete $ 63,000 247,000 -0- $ 310,000 Each of the above contracts is with a different customer, and any work remaining at December 31, 2020 is expected to be completed in 2021. Instructions 1. Prepare journal entries, a partial income statement and a partial statement of financial position to indicate how the above contract information would be reported for the year ended December 31, 2020. Broncos use the percentage-of-completion method. 2. Prepare journal entries, a partial income statement and a partial statement of financial position to indicate how the above contract information would be reported for the year ended December 31, 2020 if Broncos uses the zero-profit method