Blossom Construction Company had a contract starting April 2018, to construct a $23800000 building that is expected to be completed in September 2020, at an estimated cost of $21800000. At the end of 2018, the costs to date were $9592000 and the estimated total costs to complete had not changed. The progress billings during 2018 were $460000 and the cash collected during 2018 was 3180000. Blossom uses the percentage-of-completion method.
At December 31, 2018 Blossom would report Construction in Process in the amount of:
Total Contract Price 23800000 Total estimated costs... View the full answer