USU neip ABC Company uses the percentage of completion method of accounting for long-term contracts. During 20x1, ABC began work on a construction project with a fixed contract price of $100,000. The project was completed in 20x5. The following accounting data are pertinent: Cumulative Contract Costs Incurred Additional Cost to complete 20x1 $10,000 $50,000 20x2 $24,000 $36,000 20x3 $39.000 $26,000 In 20x3 ABC should have recognized gross profit on this contract as: Multiple Choice 55.000