Rembrandt Company uses the percentage-of-completion method of accounting. In 2018, Rembrandt began work on a contract it had received which provided for a contract price of $37,500,000. Other details follow for 2018 - Costs incurred during the year $18,000,000 - Estimated costs to complete as of December 31 12,000,000 - Billings during the year 16,500,000 - Collections during the year 9,500,000 What should be the gross profit recognized in 2018?