The company has one long-term revenue contract that is not finished at year end. The total bid for the job totaled $16,000. Original estimates for the job included total costs of $11,000. During the year the company incurred total expenses on this job of $7,200 (all were paid in cash) and it estimates an additional $4,600 of work to complete the job. For financial accounting purposes the company is using the completed contract of revenue recognition but for tax purposes they are required to use the percentage completion method. No billings have been sent to the client at year end