Cullumber Construction Company had a contract starting April 2018, to construct a $25200000 building that is expected to be completed in September 2020, at an estimated cost of $23200000. At the end of 2018, the costs to date were $13456000 and the estimated total costs to complete had not changed. The progress billings during 2018 were $600000 and the cash collected during 2018 was 3320000. Cullumber uses the percentage-of-completion method.

For the year ended December 31, 2018, Cullumber would recognize gross profit on the building of:

$9744000.

$1160000.

$0.

$1067937.