Blossom, Inc. began work in 2021 on contract #3814, which provided for a contract price of $18750000. Other details follow: 2021 2022 Costs incurred during the year $3080000 $9620000 Estimated costs to complete, as of December 31 9420000 0 Billings during the year 3500000 13800000 Collections during the year 2300000 15000000 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 O $6250000. O $1200000. O $4950000. O $1540000