On March 1, 2025, Oriole Construction Company contracted to construct a factory building for Blue Spruce Manufacturing Inc. for a total contract price of $8,410,000. The building was completed by October 31, 2027. The annual contract costs incurred, estimated costs to complete the contract, and accumulated billings to Blue Spruce for 2025, 2026, and 2027 are given below. 2025 2026 2027 Contract costs incurred during the year $2,648,600 $2,349,400 $2,352,000 Estimated costs to complete the contract at 12/31 3,811,400 2,352,000 -0- Billings to Blue Spruce during the year 3,190,000 3,470,000 1,750,000