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On February 1, 2020, a company agreed to construct a building at a contract price of...

On February 1, 2020, a company agreed to construct a building at a contract price of $42,000. The company estimated the project would be finished in 2022. Information relating to the costs and billings for this contract is as follows:

                                                    2020             2021           2022

Total costs incurred to date        $8,000        $10,000         $22,000

Estimated costs to complete      12,000          6,000            -0-

Customer billings to date           9,000          21,000         29,000

Collections to date                     4,000           14,000         25,000

If the company uses the percentage-of-completion method, an inventory/current liability of $___________should be shown on the balance sheet at December 31, 2021 related to the project.

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