Information on Red Hot Co.s construction contracts with customers which commenced during 20x1 is shown below: Contract 1 Contract price 420,000; Costs incurred during the year 240,000; Estimated costs to complete 120,000; Progress billings 150,000 Collections 90,000 Contract 2: Contract price P300,000; Costs incurred during the year 280,000; Estimated costs to complete 40,000; Progress billings 270,000; Collections 250,000. At contract inception, Red Hot Co. assessed that its performance obligation in each of Contract 1 and Contract 2 is satisfied over time. Red Hot Co. uses the cost-to-cost method in measuring its progress on the contract. How much total profit (loss) is recognized from the two contracts in 20x1?\ *\ 4 points\ 40,000\ 20,000\ (20,000)\ 0