Cullumber Construction is constructing an office building under contract for Cannon Company and uses the percentage-of- completion method. The contract calls for progress billings and payments of $1600000 each quarter. The total contract price is $18654000 and Cullumber estimates total costs of $17800000. Cullumber estimates that the building will take 3 years to complete, and commences construction on January 2, 2021. At December 31, 2022, Cullumber Construction estimates that it is 80% complete with the building; however, the estimate of total costs to be incurred has risen to $18000000 due to unanticipated price increases. What is reported in the balance sheet at December 31, 2022 for Cullumber as the difference between the Construction in Process and the Billings on Construction in Process accounts, and is it a debit or a credit? Difference between the accounts Debit/Credit $3730800 Credit 0 $2123200 Debit $1600000 Debit $2123200 Credit