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Pharoah Construction Co . uses the percentage - of - completion method. In 2 0 2 4 , Pharoah began work on a contract for

Pharoah Construction Co. uses the percentage-of-completion method. In 2024, Pharoah began work on a contract for
$22400000; it was completed in 2025. The following cost data pertain to this contract:
If the cost-recovery method of accounting was used, the amount of gross profit to be recognized for years 2024 and 2025
would be
$0.,$8880000.
$8880000.
$0.
$8476000. $(404000).
$0.
$8476000.
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