In 2018, Long Construction Corporation began construction work under a three-year contract. The contract price is $3,500,000. Long recognizes revenue over time according to percentage of completion for financial reporting purposes. The financial statement presentation relating to this contract at December 31, 2018, is as follows: Balance Sheet Accounts receivable (from construction progress billings) Construction in progress Less: Billings on construction contract $49,ee0 s 200,e00 187,800 Cost and profit of uncompleted contracts in excess of billings 13,000 Income Statement Income (before tax) on the contract recognized in 2018 $39,e00 Required 1. What was the cost of construction actually incurred in 2018? 3. What was the estimated cost to complete as of the end of 2018? 4. What was the estimated percentage of completion used to calculate revenue in 2018? 2. How much cash was collected in 2018 on this contract? Actual costs incurred in 2018 2. Cash collections in 2018 3. Estimated cost to complete 4. Estimated percentage