Horner Construction Co. uses the parcentage-of-completion method. In 2018, Horner began work on a contract for $12.000,000; it was completed in 2019. The following cost data pertain to this contract: Year Ended December 31 2018 2019 $7,800,00o $5,600,000 Cost incurred during the year Estimated remaining costs to complete at the end of year $5,200,000 The amount of gross profit (loss) to ba recognized on the income statement for the year ended December 31, 2018 is Seleot one: a. ($600,000). b. $3.2000oo. o. $3.440000 d. ($1.000,000)