37. Noah Construction Company is building a large complex for a contract price of $5,000,000. This is a three-year project estimated to cost $4,000,000 and the following information is available: ($ in 000 ) Cost incurred to date Year 1 Year 2 Year 3 1,000 2,500 3,750 Estimated completion costs 3,000 1,500 0 Billings Cash collected 750 1,750 2,500 500 1,500 3,000 Using the percentage-of-completion method of revenue recognition, net construction in progress at the end of Year 2 is: D (4 Points) $2,500,000 $1.500.000 $625,000 $1,750,000 Le