In 2021, Wildhorse Corporation began construction work under a three-year contract. The contract price is $660000. Wildhorse uses the percentage-of-completion method for financial accounting purposes. The income to be recognized each year is based on the proportion of costs incurred to total estimated costs for completing the contract. The financial statement presentations relating to this contract at December 31, 2021, follow:

$273000 Balance Sheet Accounts receivable-construction contract billings Construction in progress Less contract billings Costs and recognized profit in excess of billings $825000 660000 165000 Income Statement Income (before tax) on the contract recognized in 2021 $165000 How much cash was collected in 2021 on this contract? O $273000 $387000 O $660000 O $57000