Camey Construction enters into a long-term foxed price contract to build an office building for $5,000000 In the first year of the contract Camey incurs $1,300.oo0 af cost and the engr oors deler mined that the remaining costs to complete the project ao $2.500,000. Camoy bled $3,000,000 and colected $900 000 year 1 Referto Caney Construction. How much gross profit should Camey recognize in Year 1 assuming the use of the percentage of completion method? (Round any intemedary percentapes to the nearest hundredth percent, and round your final answer to the nearest whole dolar.) abr 35 000 O A. $487,500 B $410,520 OC. $1,700,000 OD, $1,300,000 5,000