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Crane Construction Company had a contract starting April 2021, to construct a $41000000 building that is expected to be completed in September 2022, at an

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Crane Construction Company had a contract starting April 2021, to construct a $41000000 building that is expected to be completed in September 2022, at an estimated cost of $37600000. At the end of 2021, the costs to date were $17296000 and the estimated total costs to complete had not changed. The progress billings during 2021 were $8380000 and the cash collected during 2021 was $5590000. Crane uses the percentage-of-completion method. For the year ended December 31,2021, Crane would recognize gross profit on the building of $0. $1564000. $1434302. $2790000

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