Concord Inc. began work in 2021 on contract #5273, which provided for a contract price of $21675000. Other details follow:

Assume that Concord uses the completed-contract method of accounting. The portion of the total gross profit to be recognized as income in 2022 is

2021 2022 $3860000 $10790000 10590000 0 Costs incurred during the year Estimated costs to complete, as of December 31 Billings during the year Collections during the year 4150000 17700000 2950000 18900000