On February 1, 2016, Arrow Construction Company entered into a three-year construction contract to build a bridge for a price of $8,150,000. During 2016, costs of $2,060,000 were incurred, with estimated costs of $4,060,000 yet to be incurred. Billings of $2,572,000 were sent and cash collected was $2,310,000.

In 2017, costs incurred were $2,572,000 with remaining costs estimated to be $3,690,000. 2017 billings were $2,822,000, and $2,535,000 cash was collected. The project was completed in 2018 after additional costs of $3,860,000 were incurred. The company