1 During 2023, Sheridan Corporation started a construction job with a contract price of $4.34 million. Sheridan ran into severe technical difficulties during construction but managed to complete the job in 2025. The contract is non-cancellable. Under the terms of the contract, Sheridan sends billings as revenues are earned. Billings are non-refundable. The following information is available: 2023 $ 620,000 Costs incurred to date Estimated costs to complete (a) * Your answer is incorrect. 3,255,000 Gross profit/(loss) $ eTextbook and Media 2024 2023 $2,170,000 2,170,000 Calculate the amount of gross profit that should be recognized each year under the percentage-of-completion method. (Enter negative amounts using either a negative sign preceding the number eg.-45 or parentheses e.g. (45).) 0 2025 $ $4,240,000 -0- 2024 2025