A303 Packet 5 Name/ Class E5-22 In Year 1, Amber Construction Corporation began construction work under a three- year contract. The contract price is $1,610,000. Long uses the percentage-of completion method for financial reporting purposes. The financial statement presentation relating to this contract at December 31, year 1, is as follows: Balance Sheet $30,000 Accounts receivable (from construction progress billings) Construction in progress Less: Billings on Construction Contract $100,000 (93,000) 7,000 Cost of uncompleted contracts in excess of billings Income Statement $24,000 Income (before tax) on the contract recognized in Year 1 Required: 1. What was the cost of construction actually incurred in year 1? 2. How much cash was collected in year 1 on this contract? 3. What was the estimated cost to complete as of the end of year 1? 4. What was the estimated percentage of completion used to calculate revenue in year 1