Longhorn Construction entered into a contract to build an office building for the City of Austin for $10 million. Construction began in 2015 and concluded in 2017. Data for each year of the project are presented below. If Longhorn recognizes revenue upon contract completion, how much gross profit or loss should Longhorn recognize in 2016? 2015 2016 2017 Costs incurred $4 million $3.5 million 2.7 million Estimated costs to complete 4 million 2.6 million Billings to customer 2 million 6 million 2 million Collections from customer 2 million 5 million 3 million No gross profit or loss $2.5 million gross profit $0.1 million loss $1.1 million loss