Teal Construction had a contract starting January 2021, to construct a $4,000,000 building that is expected to be completed in December 2023, at an estimated cost of $3 200 000 At the end of 2021, the costs to date were $1 280,000 and the estimated total costs to complete had not changed the progress billings during 2021 were $1,460,000 and the cash colected during 2021 was 1,550,000 Teal Construction uses the percentage of completion method For the year ended December 31, 2021, Teal Construction would recognize gross profit on the building of $180,000 $270,000 $266,667 $320,000