On December 31, 2018, Parmac Engineering Company signs a contract with the state of Ohio Department of Transportation to manufacture a bridge over the Ohio River. Parmac Engineering anticipates the construction will take two years. The company's accountants provide the following contract details relating to the project: Contract price $780 million Estimated construction $600 costs million Estimated total profit $180 million During the two-year construction period, Parmac Engineering incurred costs as follows: 2019 $360 million 2020 $240 million Parmac Engineering uses the cost- to-cost method to recognize revenue. How much gross profit should it recognize in 2019 and 20202 O $420 million in 2019: 5540 million in 2020 O $468 million in 2019: 5312 million in 2020 O $108 million in 2019: 572 million in 2020