Question 8 of 8 7.5/15 E Current Attempt in Progress In 2022. Concord Construction began construction work under a 3-year contract. The contract price was 1,060,000. Concord uses the percentage-of-completion method for financial accounting purposes. The income to be recognized each year is based on the proportion of cost incurred to total estimated costs for completing the contract. The financial statement presentations relating to this contract at December 31, 2022, are shown below. Statement of Financial Position Accounts receivable Construction in process 63.700 16,600 ule Less: Billings 62.400 Costs and recognized profit in excess of billings 1.300 WE Income Statement Income before tax) on the contract recognized in 2022 19.110 (a) How much cash was collected in 2022 on this contract? Portion of contract billings collected (b) What was the initial estimated total income before tax on this contract? Income before tax on this contract