Cullumber Construction Inc., which has a calendar year end, has entered into a non-cancellable fixed price contract for $2.6 million beginning September 1, 2020, to build a road for a municipality. It has been estimated that the road construction will be complete by June 2022. The following data pertain to the construction period. 2020 2021 2022 Costs to date $816,000 $1,664,400 $2,182,000 Estimated costs to complete 1,584,000 525,600 0 Progress billings to date (non-refundable) 860,000 2,132,000 2,600,000 Cash collected to date 716,000 2,023,000 2,600,000 December 31, 2021 Using the percentage-of-completion method, what is the balance in the Contract Asset/Liability account at December 31, 2020 and 2021? (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) tA Balance in the Contract Asset/Liability account $ December 31, 2020 A Using the percentage-of-completion method, 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, 2021. CULLUMBER CONSTRUCTION INC. Partial Statement of Financial Position December 31, 2021 Current Assets account receivable Current Liabilities Contract Asset/Liability $ SA $ SA