LONG$-$TERM CONSTRUCTION CONTRACTS

During $2024,$ the Samuelson Construction Company began construction on an office building for the City of Gernon. The contract price is $$8,000,000,$ and the building will take approximately $18$ months to complete. Completion is scheduled for early in $2026.$ The company's fiscal year ends on December $31.$

The following is a year$-$by$-$year recap of construction costs incurred and the estimated costs to complete the project as of the end of each year. Progress billings and cash collections also are indicated.

Actual costs incurred during the

$\backslash$table$[[2024,2025,2026],[$$$1,500,000,$$$4,500,000,$$$1,550,000$