Larsen Construction Company signed a long-term contract for $24,000,000 on January 5, 2009.

It is estimated the costs will be $16,000,000.

The company plans on using the percentage-of-completion method to account for revenue recognition.

Actual construction costs are 2009: $5,600,000; 2010: $6,400,000; 2011: $4,000,000.

Instructions: Show how much gross profit Larsen Company should recognize each year.