USE THE FOLLOWING INFORMATION TO ANSWER THE NEXT (3) QUESTIONS: During Year 1, Sparky Construction Company has a contract to construct a $4,500,000 high-rise apartment building at an estimated cost of $4,000,000. The contract is to start in July of Year 1 and the high-rise apartment building is to be completed in October of Year 3. The following data pertain to the construction period (Note: by the end of Year 2, Sparky has revised the estimated total cost from $4,000,000 to $4,050,000) Year 1 Year 2 Year 3 Costs to Date $1,000,000 $2,916,000 $4,050,000 Estimated costs to complete Progress billings during S 900,000 $2,400,000 $1,200,000 the year Cash collected during the year $3,000,000 $1,134,000 $ - 0 $ 750,000 $1,750,000 $2,000,000