Wildhorse Construction Company uses the percentage-of-completion method of accounting. In 2021, Wildhorse began work on a contract it had received which provided for a contract price of $34500000. Other details follow: 2021 Costs incurred during the year $16800000 Estimated costs to complete as of December 31 10800000 Billings during the year 15000000 Collections during the year 9200000 What should be the gross profit recognized in 2021?

$4200000

$1400000

$6900000

$17700000