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In 2018, Long Construction Corporation began construction work under a threeyear contract. The contract price is $3,200,000. Long recognizes revenue over time according to percentage of completion for nancial reporting purposes. The nancial statement presentation relating to this contract at December 31, 2018. is as follows: Balance Sheet Accounts receivable (from construction progress billings) $46,000 Construction in progress S 300,000 Less: Billings on construction contract (290,000) Cost and profit of uncompleted contracts in excess of billings 10,000 Income Statement Income (before tax) on the contract recognized in 2018 $36,000 Required: 1. What was the cost of construction actually incurred in 2018? 2. How much cash was collected in 2018 on this contract? 3. What was the estimated cost to complete as of the end of 2018? 4. What was the estimated percentage of completion used to calculate revenue in 2018? a Answer is complete but not entirely correct. 1. Actual costs incurred in 2018 $ 264,000 a 2. Cash collections in 2018 $ 244,000 0 . $ 3. Estimated cost to complete 2,516,000 9 4. Estimated percentage 10.65% 9