Kiner, Inc. began work in 2014 on a contract for $16,800,000. If Kiner uses the percentage of completion method, the revenue and gross profit to be recognized is:

2014 2015

Costs Incurred to Date $7,200,000 $11,200,000

Estimated costs to complete $4,800,000

Billings to Date $5,600,000 $16,800,000

Collections to Date $4,000,000 $14,400,000

Revenue

Gross Profit