1. BuildRite Construction Corp. signed a $20 million contract to construct a building taking 3 gross profit of $5 million. During the current year the company incurred $9 illion of costs an received $7 million in payment. Under the percentage of completion method, BuildRite woulcd report what amount as gross profit? (3 points) Under the new revenue recognition standard, how much gross profit would BuildRite probably recognize this year? (2 points)