2 of 10 (4 complete) i Contract information ccep mot pa forma 1,570,000 Contract price achy any jo 2015 128,100 $ 2016 850,000 128,100 978,100 Actual construction costs incurred during the year Construction costs incurred in prior years Cumulative construction costs incurred to date Estimated costs to complete Estimated total costs Progress billings made during the year Cash collections during the year 128,100 $ 512,400 640,500 $ 930,000 $ 785,000 $ 978,100 640,000 785,000 per in Print Done Done Question 2 1 pts In cash basis accounting, for tax purposes: Income is recognized when it is earned regardless of when received and expenses are recognized when they are actually or constructively incurred. Income is generally recognized when it is actually or constructively received and expenses are generally recognized when they are paid. The cash basis is not allowed for businesses reported on Schedule C. Income is recognized when it is actually or constructively received and expenses are recognized when they are actually or constructively incurred, regardless of when paid. Question 3 1 pts