Coors Company began a construction project in 2019 at a total contract price of $150 million. The project is scheduled for completion by 2021. During 2019, Coors incurred $36 million of costs and estimates an additional $84 million of costs to complete the project. In 2020, Coors incurred costs of $58.5 million and estimated an additional $40.5 million in costs to complete the project. Coors recognizes revenue on all contracts after the contract has been completed. In their 2019 income statement, Coors Company would:

A) Recognized no gross profit or loss on the project. B) Recognized a $6 million loss on the project.

C) Recognized $9 million gross profit on the project. D) Recognized $36 million loss on the project.