Tommy Contractors Tommy Contractors Inc. agrees to build a #18,800,000 apartment building. At the start of the contract, Tommy estimates total construction costs to be #16,900,000 and the project would be finished in 2023. Building commences on May 1, 2021. Assume the company uses the percentage-of-completion and cost- to-cost method for recognizing long-term contract progress. Information relating to the costs and billings for this contract is as follows: 2021 2022 2023 Total costs incurred to E4,732,000 C9,515,000 (17,300,000 date Estimated costs to 12,168,000 7,785,000 O complete Customer billings for 4,632,000 4,883,000 9,285,000 the year Collections for the 4,032,000 4,683,000 10,085,000 year How does the account Construction-in-Process change in 2021 and 2022? In year 1 (2021) the account is for E In year 2 (2022) the account is for E standard function logic vector abe