Ocatethe thanncon p e RE17-16 Clorad Corp. contracts with a customer to construct a building. It appropriately determines that it has one performance obligation which is satisfied over time. Using the following information for Year 1, compute Clorad's (a) total estimated costs for the contract, (b) revenue to date, and (c) gross profit recognized. Year 1 (of 4-year project): LO 17.8 $ 174,000 426,000 100,000 25,000 1,000,000 Construction costs incurred during the year Estimated costs to complete the contract Partial billings to customers Collections from customers Total contract price 1 Construction costs incurred to date 2 Estimated costs to complete Total estimated costs (a) 4 Percent complete 5 Revenue to date ) 6 Revenue recognized for the year 7 Construction cost (expense) incurred for the year (b) Gross profit recognize (c) 10 11 12