Jimmy Contractors Jimmy Contractors Inc. agrees to build a 18,600,000 apartment building. At the start of the contract, Jimmy estimates total construction costs to be 17,400,000 and the project would be finished in 2021. Building commences on May 1, 2019. Assume the company uses the percentage-of-completion and cost- to-cost method for recognizing long-term contract progress. Information relating to the costs and billings for this contract is as follows: 2019 2020 2021 Total costs incurred to date 4,350,000 9,968,000 17,800,000 13,050,000 7,832,000 0 4,230,000 Estimated costs to complete Customer billings for the year Collections for the year 5,738,000 8,632,000 3,730,000 5,438,000 9,432,000 How does the account Construction-in-Process change in 2019 and 2020? In year 1 (2019) the account is for 8 In year 2 (2020) the account is for