Camey Construction enters into a long-term fixed price contract to build an office building for $5,000,000. In the first year of the contract Camey incurs $1,300,000 of cost and the engineers determined that the remaining costs to complete the project are $2.500.000. Camey billed $5,000,000 and collected $700,000 in year 1. Refer to Camey Construction. How much gross profit should Camey recognize in Year 1 assuming the use of the percentage of completion method? (Round any intermediary percentages to the nearest hundredth percent, and round your final answer to the nearest whole dollar.) O A. $3.700.000 OB $410.520 OC. $1,300.000 D. $487,500