In 2023, Indigo Inc. began a three-year construction contract for $3581100. Indigo uses the percentage-of-completion method. 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 presentation relating to this contract for calendar 2023 follows: Current assests: Statement of Financial Position Accounts receivable $157000 Contract asset/liability 126000 (Contract revenue $447000 less billings of $321000) Income Statement Income (before tax) on the contract recognized in 2023 $126000