Question: In 2014, Steinrotter Construction Corp. began construction work under a 3-year contract. The contract price was $1,800,000. Steinrotter uses the percentage-of-completion method for financial accounting

In 2014, Steinrotter Construction Corp. began construction work under a 3-year contract. The contract price was $1,800,000. Steinrotter 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, 2014, are shown below.

Balance Sheet
Accounts receivable		$32,400
Construction in process		117,000
Less: Billings		110,700
Costs and recognized profit in excess of billings		6,300

Income Statement
Income (before tax) on the contract recognized in 2014		$35,100

How much cash was collected in 2014 on this contract?

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