Multiple Choice Question 101 Blossom Construction is constructing an office building under contract for Cannon Company and uses the percentage-of-completion method. The contract calls for progress billings and payments of $1800000 each quarter. The total contract price is $18654000 and Blossom estimates total costs of $17500000. Blossom estimates that the building will take 3 years to complete, and commences construction on January 2, 2018. At December 31, 2019, Blossom Construction estimates that it is 70% complete with the building; however, the estimate of total costs to be incurred has risen to $18300000 due to unanticipated price increases. What is the total amount of Construction Expenses that Blossom will recognize for the year ended December 31, 2019?