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Sunland Construction Company uses the percentage-of-completion method of accounting. In 2018, Sunland began work on a contract it had received which provided for a contract

Sunland Construction Company uses the percentage-of-completion method of accounting. In 2018, Sunland began work on a contract it had received which provided for a contract price of $31500000. Other details follow:

2018

Costs incurred during the year $15600000

Estimated costs to complete as of December $319600000

Billings during the year $13500000

Collections during the year $8900000

What should be the gross profit recognized in 2018?

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