Blossom, Inc. began work in 2021 on contract #3814, which provided for a contract price of $16275000. Other details follow: 2021 2022 Costs incurred during the year $2420000 $8630000 Estimated costs to complete, as of December 31 8430000 0 Billings during the year Collections during the year 2950000 10500000 1750000 11700000 Assume that Blossom uses the percentage-of-completion method of accounting. The portion of the total gross profit to be recognized as income in 2021 is $5425000. $5775000. $1200000. $1210000.