Pats received a contract to build an office building.

Calculate the amount of construction revenues Pat will recognize in 2010 under the upon completion method. Answer in thousands

in thousands Construction costs incurred during the year construction costs incurred prior years cumulative actual construction costs estimated costs to complete at end of year total estimated and actual construction costs total estimated revenue billings made during the year cash collections during the year 2010 500 0 500 1,500 2,000 4000 1250 1000 2011 800 500 1300 700 2,000 4000 1250 1000 2012 900 1,300 2200 0 2,200 4000 1500 2000