Ivanhoe Corporation uses the completed-contract method. At the end of the first year of a $9029000 contract, the following information is available: Costs to date: Estimated costs to complete Progress billings during the year Cash collected during the year $2024000 $239750 $959000 $284000 $0 6046000 1812000 1528000 In the first year, Ivanhoe should recognize gross profit of

Ivanhoe Corporation uses the completed-contract method. At the end of the first year of a $902.9000 contract, the following information is avallable. In the first year, Ivanhoe should recognize gross profit of $239750 $959000 $284000 50