Blossom Construction Co. uses the percentage-of-completion method. In 2021, Blossom began work on a contract for $21800000; it was completed in 2022. The following cost data pertain to this contract: Cost incurred during the year Year Ended December 31 2021 2022 $7560000 $5580000 Estimated costs to complete at the end of year 5180000 The amount of gross profit to be recognized on the income statement for the year ended December 31, 2022 is $8660000. $3683736. $3480000. $3283736.