On 1 January 2020, DEF Ltd signed a contract worth $20,000,000 to construct an apartment complex. The complex was to be built over five years, with progress payments of $4,000,000 to be made at the end of each year. Estimated costs were $10,000,000 and the following costs incurred and paid by DEF Ltd were in accordance with estimates and represented the percentage completed in each year (Assume no tax): $1,000,000 in 2020, $3,000,000 in 2021, $4,000,000 in 2022, $1,000,000 in 2023, $1,000,000 in 2024. The project will be completed in December 2024. Using the percentage of completion method, how much profit will DEF report for the financial year ended 31 December 2021? (assume for this question, the financial year starts on 1 January 2021 and ends on 31 December 2021) (1 mark)