Thrasher Construction Co. was contracted to construct a building for $1,075,000. The building is owned by the customer throughout the contract period. The contract provides for progress payments. Thrasher's accounting year ends 31 December. Work began under the contract on 1 July 20X5, and was completed on 30 September 20X7. Construction activities are summarized below by year: 20X5Construction costs incurred during the year, $198,000; estimated costs to complete, $693,000; progress billings during the year, $168,000, and collections, $154,000. 20X6Construction costs incurred during the year, $495,000; estimated costs to complete, $209,000; progress billing during the year, $420,500; and collections, $418,000. 20X7 Construction costs incurred during the year, $215,000. Because the contract was completed, the remaining balance was billed and later collected in full per the contract. 2. Provide the balances that would be shown on the SCI and SFP for this contract for each year. (Do not round intermediate calculations. Round your final answers to the nearest whole dollar.) 2025 2026 2027 Statement of Financial Position: Current assets: Accounts receivable Contract asset Income Statement: Income on construction (net)