Problem 17 [construction contract--inverted] On January 1, 2020 ABC enters contracts with the State of Texas to build a new loop around a heavily congested part of Castroville for $5 million. The contract allows ABC to make monthly progress billings as work progresses on the project, which is expected to take 3 years to complete. Following is information on the contract for 2020. Construction costs incurred during the year Construction costs incurred in prior years Cumulative construction costs incurred as of year-end Year-end estimate of costs to complete the job Year-end estimate of total job costs 2020 $1,350,000 $0 $1,350,000 ? ? Progress billings during the year Cash collections during the year $1,215,000 ? Following is information on the financial statement presentation of the contract in the 2020 financial statements. Balance Sheet (end of year) 2020 Current assets: Accounts receivable Costs and profits in excess of billings $121,500 $585,000 1. What must have been the amount of construction revenue recognized during 2020? Enter your answer below in the green boxes. 2020 construction revenue: $1 2. What must have been the amount of cash collected from progress billings during 2020? Enter your answer below in the green boxes. 2020 cash collection on billings: 2 3. What must have been the year-end estimate of costs to complete the job? Enter your answer below in the green boxes. year-end estimate of costs to complete the job: 3 4. What fraction of the job was finished as of December 31, 2020? Enter your answer below in the green boxes. fraction of job finished 4