Exhibit 17-2 In 2016, Omega Construction began work on a contract with a price of $850,000 and estimated costs of $595,000. Data for each year of the contract are as follows: 2016 2017 2018 $238,000 $319,600 $105,000 0- 260,000 210,000 380,000 410,000 Costs incurred during the year Estimated costs to complete Partial billings Collections 357,000 139,400 240,000 200,000 delete 5. Refer to Exhibit 17-2. Assuming the performance obligation is satisfied over time, what would be the gross profit in 2016? backspac a. $102,000 b. $260,000 c. $255,000 d. $425,000 Refer to Exhibit 17-2. Assuming the performance obligation is satisfied over time, what would be the balance in Construction in Progress at the end of 2017? 6. a. $557,600 b. $659,600 c. $680,000 d. $782,000