Thompson Construction began a construction project in 2018. The contract price was $1,250,000, and the estimated costs were $1,000,000. Data for each year of the contract are as follows 2018 2019 2020 Costs incurred during the year Estimated costs to complete $250,000 $600,000 $190,000 750,000 212,500 0 375,000 500,000 375,000 187,500 469,000 593,500 Partial billings Collections Required: Assuming Thompson satisfies its performance obligation over time, determine: 1. The balance of Construction in Progress at the end of 2018. 2. The net amount for construction in progress inventory that should be reported on the 2019 balance sheet. 3. The gross profit for 2020