Question: Question 3 (2 points) In year 1, Nice Construction began work on a contract with a price of $850,000. Data for each year of the

Question 3 (2 points) In year 1, Nice Construction began work on a contract with a price of $850,000. Data for each year of the contract are as follows: Year 1 Year 2 Year 3 Costs incurred during the year $168.000 $252,000 $210,000 Estimated costs to complete 392,000 180,000 -O- Partial billings 220.000 240,000 390,000 Collections 200.000 230,000 420,000 Under the percentage-of-completion method of revenue recognition, compute the balance in Construction in Progress at the end of year 2

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