46) Raymond's Construction Ltd. entered a contract to build a new airport terminal for $2,500,000. Construction commenced on August 1, 2011, with a planned completion date of December 31, 2013. A summary of the costs, billings, and collections is provided below: 2011 2012 2013 Costs incurred during the year 500,000 700,000 1,100,000 Estimated costs to complete at year end 1,500,000 1,200,000 0 Billings during the year 440,000 1,000,000 1,060,000 Cash collections during the year 400,000 900,000 1,200,000 Raymond uses the percentage of completion method. What amount would appear as accounts receivable on Raymond's December 31, 2012 balance sheet (4%)? 4c) With the same data as 46, Raymond's Construction Ltd. entered a contract would Raymond's Construction recognize in 2012 (6%)? build a new airport terminal for $2,500,000. Construction commenced on August 1, 2011, with a planned completion date of December 31, 2013. Raymond uses the percentage of completion method. How much gross profit