Cheyenne Builders Ltd$.$ Is using the completed$-$contract method for a $$2027000$ contract that will take two years to complete. Data at December $31,2023,$ the end of the first year, are

Costs incurred to date

$$928200$

Estimated costs to complete

$1106900$

Billings to date

$854300$

Collections to date

$700500$

The gross profit or loss that should be recognized for $2023$ is

Select answer from the options below

$$8100$ loss.

$$16200$ gross profit.

$$8100$ gross profit.

$$0.$