Long-Term Contracts 3 In 2021, the Southgate Construction Company entered into a contract to construct a bridge for $12,000,000. The bridge was completed in 2023. Information related to the contract is as follows: 2021 2022 2023 Cost incurred during the year $3,000,000 $5,000,000 $3,500,000 Estimated costs to complete as of year-end $8,000,000 $4,200,000 $0 Billings during the year $3,000,000 $4,000,000 $5,000,000 Cash collections during thee year $2,600,000 $3,900,000 $5,100,000 Southgate recognizes revenue using the completed contract method, What profit (loss) will Southgate record on the contract for 2023