Assume that Sunland Construction Company has a non-cancellable contract to construct a $4,520,000 bridge at an estimated cost of $4,068,000. 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. Assume that progress billings are non-refundable. 2023 2024 2025 Costs to date (12/31) $1,017,000 $2,928,960 $4,576,500 Estimated costs to complete (12/31) 3,051,000 1,647,540 0 Progress billings during the year 968,000 2,418,000 1,134,000 Cash collected during the year 817,000 1,897,000 1,806,000 The revised estimates for the bridge contract are as follows. 2023 Original Estimates 2024 Revised Estimates Contract price $4,520,000 Estimated total cost 4,068,000 $4,520,000 4,576,500* Estimated gross profit $452,000 Estimated loss $(56,500)