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Exercise 6-24 (Algo) Long-term contract; revenue recognition over time; solve for unknowns [LO6-9] In 2021, Long Construction Corporation began construction work under a three-year contract. The contract price is $3,300,000, Long recognizes revenue over time according to percentage of completion for financial reporting purposes. The financiai statement presentation relating to this contract at December 31,2021 , is as follows: Required: 1. What was the cost of construction actually incurred in 2021 ? 2. How much cash was collected in 2021 on this contract? 3. What was the estimated cost to complete as of the end of 2021 ? 4. What was the estimated percentage of completion used to calculate revenue in 2021 ? (Round your percentage answer to 2 . decimal places.)