Exercise 6-24 (Static) Long-term contract; revenue recognition over time; solve for unknowns [LO6-9] In 2024. Long Construction Corporation began construction work under a three-year contract. The contract price is $1,600,000. Long recognizes revenue over time according to percentage of completion for financial reporting purposes. The financial statement presentation relating to this contract at December 31,2024 , is as follows: Incone (before tax) on the contract recognized in 2024$20,008 Required: 1. What was the cost of construction actually incurred in 2024 ? 2. How much cash was collected in 2024 on this contract? 3. What was the estimated cost to complete as of the end of 2024 ? 4. What was the estimated percentage of completion used to calculate revenue in 2024 ? Note: Round your percentage answer to 2 decimal places. Exercise 6-24 (Static) Long-term contract; revenue recognition over time; solve for unknowns [LO6-9] In 2024. Long Construction Corporation began construction work under a three-year contract. The contract price is $1,600,000. Long recognizes revenue over time according to percentage of completion for financial reporting purposes. The financial statement presentation relating to this contract at December 31,2024 , is as follows: Incone (before tax) on the contract recognized in 2024$20,008 Required: 1. What was the cost of construction actually incurred in 2024 ? 2. How much cash was collected in 2024 on this contract? 3. What was the estimated cost to complete as of the end of 2024 ? 4. What was the estimated percentage of completion used to calculate revenue in 2024 ? Note: Round your percentage answer to 2 decimal places