Brief Exercise 6-36 (Algo) Long-term contract; revenue recognition; loss on entire project [LO6-9] Franklin Construction entered into a fixed-price contract to build a freeway-connecting ramp for $24 million. Construction costs incurred in the first year were $14 million and estimated remaining costs to complete at the end of the year were $15 million. How much gross profit or loss will Franklin recognize in the first year if it recognizes revenue over time according to percentage of completion method? (Enter your answer in millions.) X Answer is complete but not entirely correct. Gross loss $ 2 million