In February $2023,$ Crane Construction signed a contract and commenced construction on a parking garage.

The total contract price was $$90\mathrm{.}6$ million and was expected to be completed in July $2025$ at a total estimated cost of $$82\mathrm{.}0$ million. Payment by the customer was to be made in several stages, based on significant events and dates throughout the construction timeline. Based on the terms of the contract with the customer, control over the parking garage $($i$.$e$.$ ownership$)$ does not transfer to the customer until completion. Crane's year$-$end was September $30$ and follows ASPE.

By the end of September, $2023,$ Crane had incurred $$24,600,000$ in costs and had invoiced $$10,000,000$ in progress billings. $$8,300,000$ of the progress billings had been collected.

By September $30,2024,$ Crane had incurred $$55,020,000$ in total costs and had invoiced $$45,700,000$ in progress billings, including the progress billings in $2023.$ Of the total billings, $$31,100,000$ had been collected. Also, Crane reviewed its cost estimates on the project, and now believed the parking garage would cost $$78\mathrm{.}6$ million in total to complete.