In 2018, the Westgate Construction Company entered into a contract to construcla road for Santa Clara County for $10,000,000. The road was completed in 2020. Information related to the contract is as follows: Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year 2018 $2,072,000 5,328,000 2,160,000 1,880,000 2019 $2,738,000 2,590,000 2,650,000 2,700,000 2020 $2,849,000 @ 5,190,000 5,420,000 Westgate recognizes revenue over time according to percentage of completion. 2018 2019 Balance Sheet (Partial) Current assets 0 0 Current liabilities