The Construction Company had a contract starting April of year 1, to construct a $24,000,000 building that is expected to be completed in two years, at an estimated cost of $22,000,000. At the end of year 1, the costs to date were $10,120,000 and the estimated total costs to complete had not changed. The progress billings during year 1 were $4,800,000 and the cash collected was 3,200,000. The Construction Company uses the percentage-of-completion method. Reference: Ref 18-2 At the end of year 1, the Construction Company would report Construction in Process in the amount of: O $ 9,440,000 O $10,120,000 O $ 1,040,000 $ 920,000