In 2024, Long Construction Corporation began construction work under a three-year contract. The contract price is $1,600,000. 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: Balance Sheet Accounts receivable (from construction progress billings) $ 30,000 Construction in progress $ 100,000 Less: Billings on construction contract (94,000) Cost and profit of uncompleted contracts in excess of billings 6,000 Income Statement Income (before tax) on the contract recognized in 2024 $ 20,000