14 . The contract price for a long term contract is $20 000 . The contracting firm recognizes revenue over time based on the percentage of completion . $4 060 of cost was incurred on the contract in the first year , and $2 667 of gross profit was recognized at the end of the first year . $6 000 of cost was incurred on the contract in the second year and estimated remaining cost to complete as of the end of the second year was $4 000 Compute the gross profit to be ecognized for the second yea 2 ) 4 286 1 1 619 ( ) 2010 4 ) 1 842 1 1 .492