20. Wilbarger company is using the % of completion method for a contract that started on 2021 and is expected to be completed in 2023. The contract price is $9,500,000. Following is information regarding the cost s in the first two years of the contract 2022 4,800,000 2021 Accumulated construction cost 2,400,000 to date Estimated cost to complete 3,600,000 contract What would be the gross profit/loss recognized in 2022? 3,200,000 a. $800,000 loss b. $500,000 loss C. $1,300,000 profit d. $0 no loss or profit