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QUESTION 1 Minty Inc. began work in 2006 on contract #3814, which provided for a contract price of $4,500,000. Other details follow 2006 $800,000 Costs incurred during the year 2,425,000 timated costs to complete as of December 31 2,400.000 Billings during the year Collections during the year 600,000 600,000 3,900,000 Assume that the total gross profit to be recognized as income in 2006. (SHOW YOUR WORK) Blaze uses the percentage-of-completion method of accounting: calculate the portion o