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Maguire Corp. contracted to construct a new office building for $3,062,298. Construction began on January 15, 2020, and will be completed during 2022. Transactions related

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Maguire Corp. contracted to construct a new office building for $3,062,298. Construction began on January 15, 2020, and will be completed during 2022. Transactions related to the actions by Maguire relating to the contract follow: 2020: Progress billings to date $1,075,956 Progress collections to date $923,136 Costs incurred to date $822,418 Estimated costs to complete $1,353,065 2021: Progress billings to date $1,499,517 Progress collections to date $1,056,812 Costs incurred to date $1,654,007 Estimated costs to complete $520,677 Compute the amount credited to construction revenue in 2021 if Maguire is using the percentage of completion method. Enter your answer in the following form: $XXX,XXX

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