Green Construction Co. has consistently used the percentage-of-completion method of recognizing revenue. During 2012, Green entered into a fixed-price contract to construct an office building for $16,000,000. Information relating to the contract is as follows:

At December 31:	2012	2013
Percentage of completion	15%	45%
Estimated total cost at completion	$12,000,000	$12,800,000
Gross profit recognized (cumulative)	$800,000	$1,920,000

Contract costs incurred during 2013 were:

	$3,840,000
	$3,960,000
	$5,760,000
	$4,200,000

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