Question: In 2 0 2 5 , Crane Construction Corp. began construction work under a 3 - year contract. The contract price was $ 9 3

In 2025, Crane Construction Corp. began construction work under a 3-year contract. The contract price was $930,000. 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.
Accounts receivable
$17,800
Construction in process
$69,700
Less: Billings
61,800
Costs and recognized profit in excess of billings
7,900
Income Statement
Income (before tax) on the contract recognized in 2025,$20,910 What was the initial estimated total income before tax on this contract?
In 2 0 2 5 , Crane Construction Corp. began

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