Pharoah Construction Corporation contracted to construct a building for $7340000. Construction began in 2018 and was completed in 2019. Data relating to the contract are summarized below: Year ended December 31, 2018 2019 Costs incurred $2880000 $2170000 Estimated costs to complete 1920000 0 Pharoah uses the percentage-of-completion method as the basis for income recognition. For the years ended December 31, 2018, and 2019, respectively, Pharoah should report gross profit of