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Multiple Choice Question 115 Sunland Construction Co. uses the percentage-of-completion method. In 2018, Sunland began work on a contract for $22600000; it was completed in 2019. The following cost data pertain to this contract: Year 2018 2019 8520000 5660000 Cost incurred during the year Estimated costs to complete at the end of year 5260000 The amount of gross profit to be recognized on the income statement for the year ended December 31, 2019 is $3366705. $2966705 O$8420000 $3160000