In 2024, Long Construction Corporation began construction work under a three-year contract. The contract price is $3,000,000. 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:

Balance SheetAccounts receivable (from construction progress billings) $ 44,000Construction in progress$250,000 Less: Billings on construction contract(242,000) Cost and profit of uncompleted contracts in excess of billings 8,000Income StatementIncome (before tax) on the contract recognized in 2024$ 34,000

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?