Current Attempt in Progress Hamilton Construction Company uses the percentage-of-completion method of accounting. In 2020, Hamilton began work under contract #E2-D2, which provided for a contract price of $2,200,000. Other details follow: 2020 2021 Costs incurred during the year $640,000 $1,425,000 Estimated costs to complete, as of December 31 960,000 -0- Billings during the year 420,000 2,200,000 Collections during the year 350,000 1,500,000