In $2025,$ Crane Construction Corp. began construction work under a $5-$year contract. The contract price was $$2,525,000.$ 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 $31,2025,$ follow.

$($a$)$

Y Your answer is incorrect.

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

Portion of billings collected

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$($b$)$

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