In 2021, Long Construction Corporation began construction work under a three-year contract. The contract price is $3,000,000. Long recognizes revenue over time according to percentage of completion for financial reporting purposes. The financial statement presentation relating to this contract at December 31, 2021, is as follows: Balance Sheet Accounts receivable (from construction progress billings) $ 44,000 Construction in progress $ 250,000 Less: Billings on construction contract (242,000 ) Cost and profit of uncompleted contracts in excess of billings 8,000 Income Statement Income (before tax) on the contract recognized in 2021 $ 34,000 Required: 1. What was the cost of construction actually incurred in 2021