Ramsey Construction Company contracted to construct a factory building for Douglas Manufacturing Inc. fora total contract price of $8.400.000. The building was completed by October 31, 2014. The annual contract costs incurred, estimated costs to complete the contract and the accumulated billings to Douglas for 2012, 2013, and 2014 are given below! costs incurred to date Estimated costs to complete the contract Billings to Douglas during year 2012 2013 2014 2.880.000 5.110.000 7300.000 3.520,000 2.190.000 3.200.000 3.500.000 1,700,000 Using the percentage of completion method of revenue recognition, how much gross profit or loss will be recognized in 2013? O $130.000 None of the above O 900.000 O $130.000 Kiner, Inc began work in 2010 on a contract for $8.400.000. Other data are as follows: 2010 2011 Costs incurred to date $3,600,000 $5,600,000 Estimated costs to complete 2,400,000 Billings to date 2,800,000 8,400,000 Collections to date 2,000,000 7.200,000 If Kiner uses the completed-contract method, the gross profit to be recognized in 2011 is @ $2,800,000 O $1,400,000 O $1350.000 $5.000.000