2. In 2010 Sultan Construction Company agreed to construct an apartment building at a price of $1,100,000. The information relating to the costs and billing for this contract is shown below. 2010 |2011 2012 Costs incurred to date $280,000 $600,000 $785,000 Estimated costs yet to be incurred 520,000 200,000 -0- Customer billing to date 150,000 $500,000 1,200,000 Collection of billing to date 120,000 320,000 940,000 Instruction: Assuming that the percentage-of-completion method id used, Compute the amount of gross profit to be recognized in 2010 and 2011