HomeBuilding Ltd., a construction company, recognizes revenue on a percentage of completion basis. HomeBuilding Ltd. has only one project in progress for a total contracted price of $42,000. The project was started in Year 1 and is expected to be completed in Year 3. Data relating to the project are as follows: Billings Costs incurred during the year Expected costs to complete Year 1 $14,000 $12,000 $24,000 Year 2 $14,000 $13,000 $15,000 Year 3 $14,000 $14,000 0 What is gross profit (loss) reported by HomeBuilding Ltd. in Year 2? Do not round your intermediate calculations. a) ($750) Ob) $1,250 c) $0 d) $2,000