On July 1, 2020, Sarasota Construction Company Inc. contracted to build an office building for Gumbel Corp. for a total contract price of $1,890,000. On July 1, Sarasota estimated that it would take between 2 and 3 years to complete the building. On December 31, 2022, the building was deemed substantially completed. Following are accumulated contract costs incurred, estimated costs to complete the contract, and accumulated billings to Gumbel for 2020, 2021, and 2022. At 12/31/20 At 12/31/21 At 12/31/22 Contract costs incurred to date $304,000 $1,207,800 $2,089,200 Estimated costs to complete the contract 1,216,000 772.200 -0- Billings to Gumbel 300,000 1.080,000. 1,830,000