In 2005, Tamarack Corporation Began Construction Work Under a Three-Year

In 2005, Tamarack Corporation began construction work under a three-year contract. The contract price is $1,200,000. Evian uses the percentage of completion method for financial accounting purposes. The income to be recognized each year is based on the proportion of cost incurred to total estimated costs for completing the contract. The financial statement presentations relating to this contract at December 31, 2005, follow: $\begin{array} { | l | l | l | } \hline \text { Balance Sheet: } & & \\\hline \text { Contract billings } & & \$ 50,000 \\\hline \text { Construction in progress } & \$ 150,000 & \\\hline \text { Less contract billings } & 120,000 & \\\hline \text { Cost of uncompleted contract in excess of billings } & & \$ 30,000 \\\hline \text { Income Statement: } & & \\\hline \text { Income (before tax) on the contract recognized in 2005 } & & \$ 30,000 \\\hline \text { Accounts receivable construction } & & \\\hline\end{array}$ Calculate how much cash was collected in 2005 on this contract.