1. (TCO A) Amazon Building, Inc. won a bid for a new warehouse building contract. Below is information from the project accountant. Total Construction Fixed Price $15,000,000 Construction Start Date June 13, 2012 Construction Complete Date December 16, 2013 As of Dec. 31 2012 2013 Actual cost incurred $6,500,000 $4,360,000 Estimated remaining costs $5,250,000 $- Billed to customer $5,000,000 $7,000,000 Received from customer $4,500,000 $6,500,000 Assuming Amazon Building, Inc. uses the completed contract method, what amount of gross profit would be recognized in 2013? (Points : 5)

$4,140,000 $2,342,128 $2,390,000 $2,290,213