2024 – In 2012 Steinrotter Construction Corp began construction work under a 3 year contract The contract price was 918 300 Steinrotter uses the

In 2012, Steinrotter Construction Corp. began construction work under a 3-year contract. The contract price was $918,300. Steinrotter 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, 2012, are shown below. Balance Sheet Accounts receivable—construction contract billings $16,400 Construction in process $63,900 Less: Contract billings 57,500 Cost of uncompleted contract in excess of billings 6,400 Income Statement Income (before tax) on the contract recognized in 2012 $22,365 (a) How much cash was collected in 2012 on this contract? Portion of contract billings collected $ (b) What was the initial estimated total income before tax on this contract?