Standard Construction has been contracted to build a suspension bridge for $3,300,000. Standard Construction began in 2019 and was completed in 2020. Standard has a December 31 year-end. Standard Construction uses the percentage of completion method, cost-to-cost basis. Data provided is as follows: 2019 2020 Costs incurred to date 960,000 2,137,500 Estimated costs to complete 1,440,000 Progress Billings during the 630,000 2,250,000 year Cash collections to date 525,000 2,775,000