In 2016, 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, 2016, is as follows: Required: 1. What was the cost of construction actually incurred in 2016? 2. How much cash was collected in 2016 on this contract? 3. What was the estimated cost to complete as of the end of 2016? 4. What was the estimated percentage of completion used to calculate revenue in 2016