That's the answer to number 2 , and I want to know how to get $ 100000 and $150000?

Long-Term Contracts Koolman Construction Company began work on a contract in 2017. The contract price is $3,000,000, and the company determined that its performance obligation was satisfied over time. Other informa- tion relating to the contract is as follows: 2017 2018 Costs incurred during the year $ 600,000 $ 700,000 Estimated costs to complete, December 31 1,400,000 1,200,000 Billings during the year 500,000 850,000 Collections during the year 400,000 800,000 Required: 1. Compute the gross profit or loss recognized in 2017 and 2018. 2. Prepare the appropriate sections of the income statement and ending balance sheet for each year. LO4U Prepare the year ending balance sheet for 2017 as below: A balance sheet is one of the financial statements that reports the financial position of an entity by exhibiting the total assets in one side and total liabilities and the stockholders' equity at the other side. It is also called the summary of the financial status of a company. Company K Partial Balance sheet As at December 31, 2017 $100,000 Current Assest: Accounts Receivable Inventory: Construction in progress Less, partial billings Costs and profit recognized not billed $900,000 $500,000 $400,000 Comment Step 5 of 5 A Prepare the year end partial balance sheet for 2018, as below: Company K Partial Balance sheet As at December 31, 2018 $150,000 Current Assest: Accounts Receivable Inventory: Construction in progress Less, partial billings Costs and profit recognized not billed $1,560,000 $1,350,000 $210,000