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During 2020, Novak Company started a construction job with a contract price of $1,600,000. The job was completed in 2022. The following information is

During 2020, Novak Company started a construction job with a contract price of $1,600,000. The job was completed in 2022. The following information is available. 2020 2021 2022 Costs incurred to date $404,000 $830,680 $1,069,000 Estimated costs to complete 606,000 262,320 -0- Billings to date 300,000 906,000 1,600,000 Collections to date 272,000. 810,000 1,416,000

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