Plinky Construction Inc, enters into a $368,000 contract to build a custom yacht for a customer. The production is expected to take three years and cost $189,750. Plinky has an agreement to bill the customer at the end of each year for progress completed to date. Assume that the project satisfies the revenue recognition requirements for recognizing revenue over time (i.e., percentage of completion), in Year 1 , the company incurred costs of $50,852 and expects remaining costs to be $159,493. Question: What is the balance in Construction in Progress at the end of Year 1 ? - Round your final answer to the nearest dollar. Do not round intermediate amounts