(TCO A) Tim Construction Co. began operations in 2014. Construction activity for 2014 is shown below. Tim uses the completed contract method. Contract Contract Price Billings Through 12/31/14 Collections Through 12/31/14 Costs to 12/31/14 Estimated Costs to Complete 1 $5,200,000 $3,500,000 $2,600,000 3,000,000 1,000,000 2 3.600,000 1,500,000 1,000,000 800,000 1,600,000 3 3,600,000 1,900,000 1,800,000 2,250,000 1,200,000 What amount of Gross Profit should Tim show on the Income Statement of 2014 related to Contract 3? (Points : 5) $0 $150,000 loss $150,000 profit None of the above