Question Help ns Concorde Construction Corp. (CCC) entered into a $4 million contract to construct an apartment building Management determined that the contract represents a single performance obligation satisfied over time. CCC started work on the project in 20x5 and completed work in 20x7. CCC uses the cost-to-cost approach to determine the stage of completion, and its year end is December 31. 20XS 20X6 20X7" Actual costs for the year $300,000 $2,200,000 $1,550,000 Cumulative costs incurred $300,000 $2,500,000 $4,050,000 Estimated costs to complete $3,200,000 $1,600,000 $0 Amount billed during the year $290,000 $2,700,000 $1,010,000 Payments received during the year $280,000 $2,520,000 $1,200,000 * This revised cost data was not known in 20X5 * This revised cost data was not known in 20x6. Ia PUT YOUR ANSWER IN THE BOX FOLLOWING THE QUESTION . FOR ALL CALCULATIONS - ROUND THE PERCENTAGE OF COMPLETION TO ONE SIGNIFICANT DECIMAL PLACE .g. 10.4% DO NOT INCLUDE AS SIGN IN YOUR ANSWER * ROUND YOUR ANSWER TO THE NEAREST THOUSAND DOLLARS g. 5252,000 What is the amount that was credited to the contruction in progress acount in 20X7 to close out this account at the completion of the contract? $