In $2025,$ Crane Construction Corp. began construction work under a $3-$year contract. The contract price was $\backslash (\backslash$$ $1,040,000\backslash ).$ Crane uses the percentage$-$of$-$completion method for financial accounting purposes. The income to be recognized each year is based on the proportion of cost incurred to total estimated costs for completing the contract. The financial statement presentations relating to this contract at December $31,2025,$ are shown below.

Income Statement

Income $($before tax$)$ on the contract recognized in $2025\backslash$$$24,640$

How much cash was collected in $2025$ on this contract?

Portion of contract billings collected How much cash was collected in $2025$ on this contract?

Portion of contract billings collected

$\backslash [$

$\backslash$$

$\backslash ]$

eTextbook and Media

What was the initial estimated total income before tax on this contract?

Income before tax on this contract $\backslash$$

eTextbook and Media