The Simpson Construction Company recognizes revenue over time according to percentage of completion for its long-term construction contracts. In 2018, Simpson began work on a construction contract. Information on this contract at the end of 2018 is as follows: Cost incurred during the year Estimated additional cost to complete Gross profit recognized in 2018 $1,500,000 6,000,000 250,000 What is the contract price (total revenue) on this contract? Multiple Choice $7,000,000 $8,750,000 $7,500,000 $9,000,000