Shemsoft Software Technicians recently accepted a contract to develop an inventory management system for Chez and Company. Shemsoft is required to complete the installation of the new inventory management system in two years. Shemsoft provided the following contract information.

Contract price $1,500,000 2018 2019 $ 800,000 255 000 Actual construction costs incurred dur ng the year Construction costsincurredin prior years Cumulative construction costs naurred to date Estimated coststo comp ete Estimated totalcosts Progress bilings made during the year Cash colectons during the year $ 255.000 255,000 1,055 000 382,500 1,055 000 637500 900,000 600,000 750 000 750,000