10 (1 point) The following information relates to a project of Canopy Construction: Estimated costs to complete as of end of year 1 = $714,000 Construction costs incurred in year 2 = $546,500 Estimated costs to complete as of end of year 2 = $227,500 Construction costs incurred in year 3 = $200,000 If the contract price was $1,000,000 and Canopy uses the percentage of completion method for revenue recognition, what is the amount of gross profit recognized in year 1? $28,571 $20,400 $24,000 $150,000