QUESTION 3 23 JME Construction always uses the percentage of completion method of recognizing revenue. During 2004 JME signs a contract in the amount of $10 milion with the following data available Costs incurred to date $2,200,000 Bilings to date $2,000,000 Cash collected $1,750,000 Total cost of project $8,000,000 How much gross profit should JME recognize for 2004? 5200.000 $300,000 $450,000