Ryan Constructors, Inc. has consistently used the percentage-of-completion method of recognizing income. In 2012, Ryan started work on a $40,000,000 construction contract that was completed in 2013. The following information was taken from Ryans's 2012 accounting records: Progress billings $6,000,000 Costs incurred 10,500,000 Collections 7,000,000 Estimated costs to complete 11,000,000 What amount of gross profit should Noland have recognized in 2012 on this contract? a. $6,000,000