Sandlewood Construction Inc. recognizes revenue over time according to percentage of completion for its long-term construction contracts. In 2018, Sandlewood began work on a $10,000,000 construction contract, which was completed in 2019. The accounting records disclosed the following data at the end of 2018: Costs incurred Estimated cost to complete Progress billings Cash collections $5,400,000 3,600,000 4,100,000 3,200,000 How much gross profit should Sandlewood have recognized in 2018? Multiple Choice $700,000 $1,000,000 $600,000 $0