With the percentage of complete method, how much gross profit would be recognized in 2012?PLS show detailed explanations

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46) Raymond's Construction Ltd. entered a contract to build a new airport terminal for $2,500,000. Construction commenced on August 1, 2011, with a planned completion date of December 31, 2013. A summary of the costs, billings, and collections is provided below: 2011 Costs incurred during the year 500,000 Estimated costs to complete at year end 1,500,000 Billings during the year 440,000 Cash collections during the year 400,000 2012 700,000 1,200,000 1,000,000 900,000 2013 1,100,000 0 1,060,000 1,200,000