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30. This year, Hamilton, a local manufacturer of off-shore drilling platforms, entered into a contract to construct a drilling platform that will be placed in the North Atlantic Ocean. The total contract price is $5,000,000, and Hamilton estimates the total construction cost at $3,000,000. Actual costs incurred this year are $600,000. If Hamilton uses the percentage of completion method, the gross profit for this year is A) SO. B) $400,000 C) $600,000 D) $2,000,000. 31. In Year 1, a contractor agrees to build a building for $2,500,000 by the end of Year 2. The builder's cost is estimated to be $1,800,000. The actual costs for Year 1 are $900,000 and Year 2's actual costs are $1,300,000. Under the completed contract method the gross profit for Year 2 is A) SO. B) $300,000 C) $350,000 D) $700,000 32. Andi sold land on the installment basis for $100,000. Her basis in the land was $70.000. Andi received a $40,000 down payment and a real estate installment sale contract calling for $60,000 in additional payments in future years. In addition, Andi paid $6,000 in commissions on the sale. What is the gross profit to be recognized in the current year? A) SO B) $9,600 C) $12,000 D) $24,000