M inbos Saved 4 Help Exercise 5-22 Long-term contract; revenue recognition over time; solve for unknowns [LO5-9] In 2018, Long Construction Corporation began construction work under a three-year contract. The contract price is $2,100,000. Long recognizes revenue over time according to percentage of completion for financial reporting purposes. The financial statement presentation relating to this contrect at December 31, 2018, is as follows: Balance Sheet Accounts receivable (from construction progress billings) Construction in progress Less: Billings on construction contract Cost and profit of uncompleted contracts in excess of billings Book $35,000 $ 150,000 (143,000) Hint 7,000 Print urences Income Statenent Income (before tax) on the contract recognized in 2013 $25,000 Required: 1. What was the cost of construction actually Incurred in 2018? 2. How much cash was collected in 2018 on this contract? 3. What was the estimated cost to complete os of the end of 2018 4. What was the estimated percentoge of completion used to calculete revenue in 2018 S 125.000 Actual costs incurred in 2018 1 S 108.000 2. Cash colections in 2018 Estimated cost to complete 17.500 000 0 71 4 Estimated percentage Next 4 of 13