UUESTION 22 The following info is related to Project 1 Co Construction. The contract amount is 560. The contract qualifies for the over time method of accounting in the space below, calculate the following amounts 2 points each Yeart $14 26 12 10 Costs incurred in the current year Estimated costs to complete a year end Billings during the year Cash collections during the year Year 2 511 15 20 10 Year 516 0 26 1. complete at the end of YEAR 2. REVENUE to recognize in YEAR 1: 3. Balance of the Construction in Progress (CIP) account at the end of YEAR 1: 4. is the contract not accounts receivable reported as an ASSET or LIABILITY at the end of YEARS Type your answers on the FIRST FOUR LINES below, and show your work below your answers UUESTION 22 The following info is related to Project 1 Co Construction. The contract amount is 560. The contract qualifies for the over time method of accounting in the space below, calculate the following amounts 2 points each Yeart $14 26 12 10 Costs incurred in the current year Estimated costs to complete a year end Billings during the year Cash collections during the year Year 2 511 15 20 10 Year 516 0 26 1. complete at the end of YEAR 2. REVENUE to recognize in YEAR 1: 3. Balance of the Construction in Progress (CIP) account at the end of YEAR 1: 4. is the contract not accounts receivable reported as an ASSET or LIABILITY at the end of YEARS Type your answers on the FIRST FOUR LINES below, and show your work below your answers