In 2011,Huxley Corp.began construction work under a three-year contract.The contract price is $800,000.Huxley used the percentage-of-completion method for financial accounting purposes.The income to be recognized each year is based on the proportion of costs incurred to total estimated costs for completing the contract.The financial presentations relating to this contract at December 31,2014,appear below.
How much cash was collected in 2014 on this contract?
Definitions:
Woodblock Print
A technique of printing texts, images, or patterns used historically throughout East Asia, involving carving an image into a block of wood, inking it, and then pressing it onto paper or fabric.
Ando Hiroshige
A renowned Japanese ukiyo-e artist, famous for his landscapes and depictions of birds and flowers, active during the Edo period.
Vincent Van Gogh
A post-Impressionist painter from the Netherlands, famous for his vivid colors, emotional honesty, and bold brushwork in artworks like "The Starry Night."
Literati Painter
An artist, typically from the Chinese literati class, who practices literati painting, focusing on personal expression and scholarly themes over technical perfection.
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