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5910 195130791419/question YouTube Maps ent 6 (Ch.6) Question 1 of 4 0720 During 2020, Pina Colada Corporation started a construction job with a contract price of $5.32 million. Pina Colada ran into severe technical difficulties during construction but managed to complete the job in 2022. The contract is non-cancellable. Under the terms of the contract, Pina Colada sends billings as revenues are earned. Billings are non-refundable. The following information is available: 2020 2021 2022 $760,000 $2,660,000 $5,220,000 Costs incurred to date Estimated costs to complete 3.990.000 2,660,000 -0- Billings for the construction contract were as follows: 2020, 5660,000; 2021. $2,400,000; and 2022, 62.260,000. X Your answer is incorrect. Calculate the balance of the Contract Asset/Liability account at the end of each year using the percentage of completion method. (Do not leave any answer field blank. Enter O for amounts. ENG o L C D # 3 G op MA nent 6 (Ch.6) Question 1 of 4 0720 X Your answer is incorrect. 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 Ofor amounts.) December 31, 2020 December 31, 2021 December 31 Balance of the Contract Asset/Liability $ $ e Textbook and Media Save forlater Attempts: 1 of 3 used Submit A EV O hop