(Answered) : n 2017, Blue Construction Corp. began construction work under a 3-year contract. The contract price was $930,000. Blue uses the

n 2017, Blue Construction Corp. began construction work under a 3-year contract. The contract price was $930,000. Blue 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, 2017, are shown below.

Balance Sheet

Accounts receivable $16,900
Construction in process $66,300
Less: Billings 57,100
Costs and recognized profit in excess of billings 9,200
Income Statement

Income (before tax) on the contract recognized in 2017 $23,205

(a) How much cash was collected in 2017 on this contract?

Portion of contract billings collected $

(b) What