Horner Construction Co. uses the completed contract method. In 2018, Horner began work on a contract for $22,000,000; it was completed in 2019. The following cost data pertain to this contract: Year Ended December 31 2018 2019 Cost incurred during the $7,800,000 $5,600,000 year Estimated costs to complete at the end of year $5,200,000 The amount of gross profit (loss) to be recognized on the income statement for the year ended December 31, 2019 is Select one: a. $3,600,000. b. $8,600,000. c. $3,200,000. d. $3,440,000