ery Resources VID Schedule: aw Hill Campus Notebook "Use the following information to answer the next three questions (8, 9, and 10): At the beginning of 2020, Metropolitan Co. received a contract to build an apartment complex for $12 million. The project is estimated to take three years to complete. According to the contract. Metropolitan Co. will bill the buyer in installments over the construction period according to a prearranged schedule. Revenue is recognized over time. Information related to the contract is as follows: 2020 2021 2022 Actual costs incurred during the year $3,000,000 $5,700,000 $2,800,000 Estimated costs to complete at end of year 7,000,000 2,900,000 0 Billings made during the year 4,800,000 3,000,000 4,200,000 Cash collections during the year 3,600,000 2,800,000 5,600,000 What is the amount of gross profit (loss) recognized for the year of 2021? $600,000 $(600,000) $(300,000) $300,000