Tullis Construction enters into a long-term fixed price contract to build an office tower for $10,900,000. In the first year of the contract Tullis incurs $1,500,000 of cost and the engineers determined that the remaining costs to complete the project are $6,000,000. Tullis billed $3,900,000 in year 1 and collected $3,500,000 by the end of the end of the year. How much gross profit should Tullis recognize in Year 1 assuming the use of the completed - contract method? O A. $7,500,000 OB. $0 OC. $2,400,000 OD. $3,400,000