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A company began work in 2020 on a contract for $7,800. Other data are as follows:...

A company began work in 2020 on a contract for $7,800. Other data are as follows:

   

                                                   2020                         2021

Costs incurred to date                 $3,000 $5,600

Estimated costs to complete         2,000       —

Billings to date    3,100                   7,800

Collections to date                       1,000                      4,400

If the company uses the percentage-of-completion method, for the journal entry that records construction revenue, construction expense, and gross profit for 2020, how much will be recorded for Construction in Process?

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