The following scenario will be used for the next three questions Miser Construction Company (who applies the Percentage of Completion method) was the low bidder on a construction project to build a bridge for $14,000,000. The project was begun in 2016 and completed in 2018. Cost and other data are presented below ("costs incurred" are for each particular year): 2016 2017 2018 Costs incurred (during specific year) Estimated costs to complete end of year) Billings during the year Cash collections during the year $3,000,000 $6,000,000 $2,800,000 $9,000,000 $3,200,000 $2,800,000 $3,000,000 $6,800,000 $6,600,000 $0 $4,000,000 $4,600,000