Structco Construction Company entered into a long-term construction contract at a fixed contract price of $4,900,000 on September 1, 20x4. Work has proceeded since that time with the following results:

Required:
Determine the amount of revenues, expenses, and income for 20x4, 20x5, and 20x6 by using the percentage-of-completion method.

20x4 20x5 20x6 721,000 $,190,000 Costs incurred (this year) Cost of work yet to be completed $1,715,000 (at year-end) Cash collections (this year) Year-end percent complete 3,430,000 560,000 2096 2,240,000 1,120,000 5096 525,000 1,540,000 9596