Checklist Items Kiner, Inc. began work in 20X0 on a contract for $8,400,000. Other data are as follows 20X0 20X1 Costs incurred to date $3,600,000 $5,600,000 Estimated costs to complete 2,400,000 Billings to date 2,800,000 8,400,000 Collections to date 2,000,000 7,200,000 If Kiner uses the completed-contract method, the gross profit to be recognized in 20 O $1,400,000 O $1,360,000 O $5,600,000 O $2,800,000