Current Attempt in Progress Essan Construction Inc., which has a calendar year end, has entered into a non-cancellable fixed price contract for $2.8 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 $800,000 $1,800,000 $2,350,000 Estimated costs to complete 1,700,000 600,000 Progress billings to date (non-refundable) 850,000 2,300,000 2,800,000 Cash collected to date 700,000 2,200,000 2,800,000 0 (a) Your answer is correct Using the percentage-of-completion method, calculate the estimated gross profit that would be recognized during each year of the construction period. (Enter negative amounts using either a negative sign preceding the numbereg.-45 or parentheses eg. (45).) 2020 2022 Gross profit/loss) 150.000 2021 96.000 204000 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. ESSAN CONSTRUCTION INC. Partial Statement of Financial Position December 31, 2021 Current Assets WIP $ Current Liabilities Contract Asset/Liability $ 1 ESSAN CONSTRUCTION INC. Partial Income Statement Year Ended December 31, 2021 WIP $ 896000 Accounts Receivable 150000