Essan Construction Inc., which has a calendar year end, has entered into a non-cancellable fixed-price contract for $2.8 million beginning September 1, 2023, to build a road for a municipality. It has been estimated that the road construction will be complete by June 2025. The following data pertain to the construction period. 2023 2024 2025 Costs to date $800,000 $1,800,000 $2,350,000 Estimated costs to complete 1,700,000 600,000 0 Progress billings to date (non-refundable) 850,000 2,300,000 2,800,000 Cash collected to date 700,000 2,200,000 2,800,000