Sheridan Construction Corporation contracted to construct a building for $ 7360000. Construction began in 2021 and was completed in 2022. Data relating to the contract are summarized below: Year ended December 31, 2021 2022 Costs incurred $ 2895000 $ 2180000 Estimated costs to complete 1930000 0 Sheridan uses the percentage-of-completion method as the basis for income recognition. For the years ended December 31, 2021, and 2022, respectively, Sheridan should report gross profit of $ 1371000 and $ 914000. $ 4465000 and $ 2895000. $ 1521000 and $ 764000. $ 0 and $ 2180000.