A construction company has entered into a contract on January 1, 2020 with the Delaware River Toll Bridge Commission to build a bridge over the Delaware river connecting New Jersey and Pennsylvania. It will take 3 years to complete the bridge that will cost $12,000,000 and the construction company will bill the Commission at $15,000,000. The pertinent data are: 2020 2021 2022 Cost to date $3,125,000 10,400,000 13,050,000 Estimated cost to complete 9,375,000 2,600,000 Gross Profit recognized to be recognized in 2020 is $