Indiana Co. began a construction project in 2021 with a contract price of $160 million to be received when the project is completed in 2023. During 2021, Indiana incur $39 million of costs and estimates an additional $82 million of costs to complete the project. Indiana recognizes revenue over time and for this project recognizes reve over time according to the percentage of the project that has been completed. In 2022, Indiana incurred additional costs of $53 million and estimated an additional $38 million in costs to complete the project. Indiana (Do not round your percenta calculated): Multiple Choice Recognized $28.50 million gross profit on the project in 2022 Recognized $8.00 million gross profit on the project in 2022 Recognized $30.00 million gross profit on the project in 2022. Recognized $8.66 million gross profit on the project in 2022