On February 1, 2016, Arrow Construction Company entered into a three-year construction contract to build a bridge for a price of $8,425,000. During 2016, costs of $2,170,000 were incurred, with estimated costs of $4,170,000 yet to be incurred. Billings of $2,704,000 were sent and cash collected was $2,420,000. In 2017, costs incurred were $2,704,000 with remaining costs estimated to be $3,855,000. 2017 billings were $2,954,000, and $2,645,000 cash was collected. The project was completed in 2018 after additional costs of $3,970,000 were incurred. The companys fiscal year-end is December 31. This project does not qualify for revenue recognition over time.