Testbank Question 41 Manson Construction Corp. has consistently used the percentage-of-completion method. In 2020, Manson started work on a $10,500,000 construction contract that was completed in 2021. The following information was taken from Manson's 2020 accounting records: Billings to date $3,300,000 Costs incurred 3,150,000 Collections to date 2,100,000 Estimated costs to complete 6,300,000 Under the earnings approach, what amount of gross profit should Manson recognize in 2020 on this contract? $1,050,000 $700,000 $525,000 $350,000