Wildhorse Construction Company uses the percentage-of-completion method of accounting. In 2020, Wildhorse began work under a non-cancellable contract #E2-D2, which provided for a contract price of $2,158,000. Other details follow: 2020 2021 Costs incurred during the year $648,400 $1,429,000 Estimated costs to complete, as at December 31 972,600 0 Billings during the year (non-refundable) 426,000 1,579,200 Collections during the year 343,000 1,513,000