In 2021, the Westgate Construction Company entered into a contract to construct a road for Santa Clara County for $10,000,000. The road was completed in 2023. Information related to the contract is as follows:

	2021				2022				2023
Cost incurred during the year	$	1,584,000			$	3,240,000			$	2,613,600
Estimated costs to complete as of year-end		5,616,000				2,376,000				0
Billings during the year		1,200,000				3,624,000				5,176,000
Cash collections during the year		1,000,000				2,800,000				6,200,000