On January 1, 2007, a Contractor Started a Construction Project

On January 1, 2007, a contractor started a construction project for $1,350,000; estimated construction costs (total) were $1,050,000. Data for the two-year period: $\begin{array}{|l|l|l|}\hline & 2007 & \mathbf{2 0 0 8} \\\hline \text { Actual construction costs during the year } & \$ 600,000 & \$ 465,000 \\\hline \text { Estimated remaining costs to complete the contract } & 450,000 & -0- \\\hline \text { Actual amount billed to the customer during the year } & 540,000 & 810,000 \\\hline \text { Actual cash collected from the customer during the year } & 525,000 & 825,000 \\\hline\end{array}$
Based upon the above data, provide the following amounts for each method:
$\begin{array}{|l|l|l|l|l|}\hline&\text { Completed Contract }&&\text { Percentage-of-Completion }\\\hline & 2007 & 2008 & 2007 & 2008 \\\hline \text { (a) Income on construction } & \$ & \$ & \$ & \$ \\\hline \text { (b) Construction in progress } & \$ & \$ & \$ & \$ \\\hline \text { (c) Costs in excess of billings } \$ & \$ & \$ & \$ & \$ \\\hline\end{array}$

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(a) $600,000 - $540,000 = $60...

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