Question 1 (30 marks) On Aug 15, 2022, Congo Construction entered into a long-term construction contract for Disney to build a new theme park in Bangladesh for $220 million. The proposed name of the new theme park is "The Dream World". The expected completion date is April 1 of 2024. Costs incurred and estimated costs to complete at year-end for the life of the contract are as follows ($ in thousands): - 2022 2023 2024 Costs incurred during the year $40,000 $80,000 $50,000 Estimated costs to complete as of 120,000 60,000 0 year-end Billings during the year 50,000 150,000 20,000 Cash collections during the year 30,000 160,000 30,000