On March 1, 2020, Martinez Construction Company contracted to construct a factory building for Fabrik Manufacturing Inc. for a total contract price of $8,310,000. The building was completed by October 31, 2022. The annual contract costs incurred, estimated costs to complete the contract, and accumulated billings to Fabrik for 2020, 2021, and 2022 are given below: 2020 2021 2022 Contract costs incurred during the year $2,871,000 $2,304,900 $2,114,100 Estimated costs to complete the contract at 12/31 3,509,000 2.114.100 -0- Billings to Fabrik during the year 3,220,000 3,530,000 1,560,000.