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Sunland Construction Company uses the percentage-of-completion method of accounting. In 2021, Sunland began work on a contract it had received which provided for a

Sunland Construction Company uses the percentage-of-completion method of accounting. In 2021, Sunland began work on a contract it had received which provided for a contract price of $31500000. Other details follow: 2021 Costs incurred during the year $15600000 Estimated costs to complete as of December 31 9600000 Billings during the year 13500000 Collections during the year 8900000 What should be the gross profit recognized in 2021? $15900000 $6300000 $3900000 $1300000

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