Buildit Corp. was contracted to construct a building for $1,900,000. The contract provided for progress payments. Buildits accounting year ends 31 December. Work began under the contract on 1 March 20X3, and was completed on 30 November 20X5. Construction activities are summarized below by year: 20X3 Construction costs incurred during the year, $520,000; estimated costs to complete, $930,000; progress billings during the year, $430,000; and collections, $340,000. 20X4 Construction costs incurred during the year, $800,000; estimated costs to complete, $260,000; progress billing during the year, $1,240,000; and collections, $1,070,000. 20X5 Construction costs incurred during the year, $240,000. Because the contract was completed, the remaining balance w