JP's Construction Company had a contract starting A 2018. to constructa S23A00.000 building this expected to be in September 2020, at an estimated cost of $21,400,000. At the end of 2018, the costs to date were $8.500.000 and the total costs to complete had not changed. The progress billings during 2018 were $420,000 and the cash collected during 3,140,000. JP uses the percentage of completion method For the year ended December 31, 2018, JP would recognize gross profit on the building of: so None of these answers is correct $800,000 $731.624 $12.840,000