O A $1,204,000 O B. $204,000 OC. $2,004,000 In 20X2, Jones and Co. signed a three-year construction contract with a price of $6,000,000. Jones and Co. has consistently used the percentage-of-completion method based on the cost-to-cost approach. The following data pertains to the construction period: 20X2 20x3 20X4 Current period costs incurred $1,6700,000 $2,500,000 51,030,000 Estimated costs to complete $3,300,000 $2,700,000 $ Bilings during the year $1,800,000 $1,000,000 $3.200.000 Collections during the year $600,000 $1,500,000 $3,620,000 What is the net balance of the contract asset related to this contract that will be reported on Jones and Co.'s statement of financial position at December 31, 20x2? (When calculating your answer, round your percentage of completion to two decimal places (for example, XX.XX%), id O A $1,204,000 O B. $204,000 OC. $2,004,000 In 20X2, Jones and Co. signed a three-year construction contract with a price of $6,000,000. Jones and Co. has consistently used the percentage-of-completion method based on the cost-to-cost approach. The following data pertains to the construction period: 20X2 20x3 20X4 Current period costs incurred $1,6700,000 $2,500,000 51,030,000 Estimated costs to complete $3,300,000 $2,700,000 $ Bilings during the year $1,800,000 $1,000,000 $3.200.000 Collections during the year $600,000 $1,500,000 $3,620,000 What is the net balance of the contract asset related to this contract that will be reported on Jones and Co.'s statement of financial position at December 31, 20x2? (When calculating your answer, round your percentage of completion to two decimal places (for example, XX.XX%), id