Concorde Construction Corp. (CCC) entered into a $4 million contract to construct an apartment building. Management determined that the contract represents a single performance obligation satisfied over time. CCC started work on the project in 20x5 and completed work in 20x7. CCC uses the cost-to-cost approach to determine the stage of completion, and its year end is December 31. 20X5 20X6" 20x70 Actus costs for the year $300,000 $2,200,000 $1,550,000 Cumulative costs incurred $300,000 $2,500,000 $4,050,000 Estimated costs to complete $3,200,000 $1,600,000 $0 Amount billed during the year $290,000 $2,700,000 $1,010,000 Payments received during the year $280,000 $2,520,000 $1,200,000 * This revised cost data was not known in 20X5 * This revised cost data was not known in 20x6. PUT YOUR ANSWER IN THE BOX FOLLOWING THE QUESTION * FOR ALL CALCULATIONS - ROUND THE PERCENTAGE OF COMPLETION TO ONE SIGNIFICANT DECIMAL PLACE .g. 10.4% - DO NOT INCLUDE AS SIGN IN YOUR ANSWER *ROUND YOUR ANSWER TO THE NEAREST THOUSAND DOLLARS e.g. $252,000 What is the amount that was debitted to the construction in progress account for the PROFIT ELEMENT realized in 20X5? $