Current Attempt in Progress In 2025, Carla Vista Construction Corp. began construction work under a 3-year contract. The contract price was $1,100,000. Carla Vista uses the percentage-of-completion method for financial accounting purposes. The income to be recognized each year is based on the proportion of cost incurred to total estimated costs for completing the contract. The financial statement presentations relating to this contract at December 31, 2025, are shown below