Crane Construction Co. has consistently used the percentage-of-completion method of recognizing revenue. During 2018, Crane entered into a fixed-price contract to construct an office building for $27000000. Information relating to the contract is as follows:

At December 31

2018 2019

Percentage of completion 10% 40%

Estimated total cost at completion $20000000 $21400000

Gross profit recognized (cumulative) 1380000 3310000

Contract costs incurred during 2019 were

$5250000.

$6560000.

$8190000.

$8560000.