Sunland Construction, Inc. experienced the following construction activity in 2024, the first year of operations. Contract Cash Total Billings Collections Contract through through Price 12/31/24 12/31/24 Costs Incurred through 12/31/24 Estimated Additional Costs to Complete X $257,000 $167,000 $152,000 $176,000 $60,000 Y 327,000 112,000 112,000 94,000 249,000 Z 230,000 $814,000 230,000 $509,000 192,000 $456,000 152,000 -0- $422,000 $309,000 Each of the above contracts is with a different customer, and any work remaining at December 31, 2024 is expected to be completed in 2025, (a1) Prepare a partial income statement to indicate how the above contract information would be reported. Sunland uses the cost- recovery method. Sunland Construction, Inc. Income Statement (Partial) $