The board of directors of Blossom Construction Company is meeting to choose between the cost$-$recovery method and the percentage$-$of$-$completion method of accounting for long$-$term contracts in the company's fnancial statements. You have been engaged to assist Blossom's controller in the preparation of a presentation to be given at the board meeting. The controller provides You with the following information:

Blossom commenced doing business on January $1,2024.$

Construction activities for the year ended December $31,2024$ were as follows:

$\backslash$table$[[$Project$,\backslash$table$[[$Total Contract$],[$Price$]],\backslash$table$[[$Billings Through$],[\frac{12}{31}\frac{?}{24}$