Assume that crane construction company has a non-cancellable contract a $4,800,000 bridge at an estimated cost of $4,320,000. The contract is to start in July 2023, and the bridge is to be completed in October 2025. The following data pertain to the construction period. (Note that, by the end of 2024, Crane has revised the estimated total cost from $4,320,000 to $4,374,000.) Assume that progress billings are non-refundable.

Please only answer the one below:

\begin{tabular}{lrrr} & \multicolumn{1}{c}{2023} & \multicolumn{1}{c}{2024} & \multicolumn{1}{c}{2025} \\ \hline Costs to date (12/31) & $1,080,000 & $3,061,800 & $4,374,000 \\ Estimated costs to complete (12/31) & 3,240,000 & 1,312,200 & 0 \\ Progress billings during the year & 987,000 & 2,433,000 & 1,380,000 \\ Cash collected during the year & 829,080 & 1,776,090 & 2,194,830 \end{tabular} (a1) Your answer is correct. Under the percentage-of-completion, how would Crane present the information for 2023 in the income Crane Construction Company Partial Income Statement Year Ended December 31, 2023 Revenue from Long-Term Contracts Construction Expenses Gross Profit / (Loss) $ 1200000 eTextbook and Media List of Accounts Attempts: (a2) Your answer is partially correct. Under the percentage-of-completion, how would Crane present the information for 2023 in the balance (List Current assets in order of liquidity.) Crane Construction Company Partial Statement of Financial Position December 31, 2023 Current Assets Accounts Receivable $ Under the percentage-of-completion, how would Crane present the information for 2024 in the income statement