Whispering Builders contracted to build a high$-$rise for $$27,900,000.$ Construction began in $2021$ and is expected to be completed in $2023.$ Data for $2021$ and $2022$ are:

Costs incurred to date

Estimated costs to complete

$2021$

$$3,590,000$

$14,360,000$

$2022$

$$10,348,000$

$9,552,000$

Whispering uses the percentage$-$of$-$completion method.

How much gross profit should be reported for $2021?$

Gross profitWhispering Builders contracted to build a high$-$rise for $$27,900,000.$ Construction began in $2021$ and is expected to be

completed in $2023.$ Data for $2021$ and $2022$ are:

Whispering uses the percentage$-$of$-$completion method.

How much gross profit should be reported for $2021?$

Gross profit $