In 2020, Windsor Construction Corp. began construction work under a 3-year contract. The contract price was $930,000. Windsor 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, 2020, are shown below. Accounts receivable Construction in process Less: Billings Balance Sheet Costs and recognized profit in excess of billings $17,800 $69,700 61,800 7,900 Income Statement Income (before tax) on the contract recognized in 2020 $23,001