In 2024 , Long Construction Corporation began construction work under a three-year contract. The contract price is $2,000,000. Long recognizes revenue over time according to percentage of completion for financial reporting purposes. The financial statement presentation relating to this contract at December 31,2024 , is as follows: Required: 1. What was the cost of construction actually incurred in 2024 ? 2. How much cash was collected in 2024 on this contract? 3. What was the estimated cost to complete as of the end of 2024 ? 4. What was the estimated percentage of completion used to calculate revenue in 2024 ? Note: Round your percentage answer to 2 decimal places