What sandhill would report construction in process

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Sandhill Construction Company had a contract starting April 2021, to construct a $23600000 building that is expected to be completed in September 2023, at an estimated cost of $21600000. At the end of 2021, the costs to date were $9072000 and the estimated total costs to complete had not changed. The progress billings during 2021 were $4400000 and the cash collected during 2021 was 3160000. Sandhill uses the percentage-of-completion method.

Problem 1: At December 31, 2021 Sandhill would report Construction in Process in the amount of:

Option 1: $4672000.
Option 2: $9912000.
Option 3: $840000.
Option 4: $9072000.

Reference no: EM132957173

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