Ivanhoe Construction Company had a contract starting April 2021, to construct a $32000000 building that is expected to be completed in September 2022, at an estimated cost of $29500000. At the end of 2021, the costs to date were $13570000 and the estimated total costs to complete had not changed. The progress billings during 2021 were $8200000 and the cash collected during 2021 was $5500000. Ivanhoe uses the percentage-of-completion method. At December 31, 2021, Ivanhoe would report Construction in Process in the amount of $14720000. $1150000. $13570000. $12020000. Pharoah Construction Company uses the percentage-of-completion method of accounting. In 2021, Pharoah began work on a contract it had received which provided for a contract price of $29500000. Other details follow: 2021 Costs incurred during the year $14800000 Estimated costs to complete as of December 31 8800000 Billings during the year 12500000 Collections during the year 8700000 What should be the gross profit recognized in 2021? $1233333 $3700000 $5900000 $14700000