Exercise 6-24 (Aigo) Long-term contract; revenue recognition over time; solve for unknowns [LO6-9] In 2021, Long Construction Corporation began construction work under a three-year contract. The contract price is $2,800,000. Long recognizes revenue over time according to percentage of completion for financial reporting purposes. The financial statenent presentation relatiog to this contract at December 31,2021 , is as follows: Required: 1. What was the cost of construction actually incurred in 2021 ? 2. How much cash was collected in 2021 on this contract? 3. What was the estimated cost to complete as of the end of 2021? 4. What was the estimated perceritage of completion used to calculate revenue in 2021 ? (Round your percentage answer to 2 decimal places.)