4. During 2010 Majan Company started a construction job with a contract price of $1,600,000. The job was completed in 2012. The following information is available. 2010 2011 2012 Cost incurred to date $400,000 $825,000 $1,070,000 iness Administration Program Final Assessment Semester Spring 2021 Page 2 Estimated costs to 600,000 275,000 0 complete Billings to date 300,000 900,000 1,600,000 Collections to date 270,000 810,000 1,425,000 Instructions: Compute the amount of gross profit to be recognized each year assuming the percentage-of-completion method is used