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-) !! uestion 14 of 20 Fiew Policies Current Attempt in Progress In 2021. Cullumber Corporation began construction work under a three-year contract. The contract price is $7400000. Cullumber uses the percentage-of-completion method for financial accounting purposes. The income to be recognized each year is based on the proportion of costs incurred to total estimated costs for completing the contract. The financial statement presentations relating to this contract at December 31, 2021, follow: $309000 Balance Sheet Accounts receivable-construction contract billings Construction in progress Less contract billings Costs and recognized profit in excess of billings $925000 740000 185000 Income Statement Income (before tax) on the contract recognized in 2021 $185000 What was the initial estimated total income before tax on this contract? $986000 $925000 $1234000 $1480000 BE Tube here to search