Thrasher Construction Co, was contracted to construct a bullding for $1,065,000. The building is owned by the customer throughout the contract period. The contract provides for progress payments. Thrasher's accounting year ends 31 Decemb atu Construction costs incurred during the year, \$49 collections, $152, costs to complete, $686,70. Thrasher Construction Co, was contracted to construct a bullding for $1,065,000. The building is owned by the customer throughout the contract period. The contract provides for progress payments. Thrasher's accounting year ends 31 Decemb atu Construction costs incurred during the year, \$49 collections, $152, costs to complete, $686,70