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Sheridan Construction Company had a contract starting April 2 0 2 4 , to construct a $ 2 3 3 0 0 0 0 0

Sheridan Construction Company had a contract starting April 2024, to construct a $23300000 building that is expected to be completed in September 2026, at an estimated cost of $21300000. At the end of 2024, the costs to date were $8307000 and the estimated total costs to complete had not changed. The progress billings during 2024 were $4100000 and the cash collected during 2024 was $3130000. Sheridan uses the percentage-of-completion method.
At December 31,2024 Sheridan would report Construction in Process in the amount of:
$8307000.
$9087000.
$7087000.
$780000.
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