18. Pell Co. 's construction jobs (described below) commenced during the year just ended. Project 1 $420,000 240,000 120,000 150,000 90,000 Project 2 $300,000 280,000 40,000 270,000 250,000 Contract price Costs incurred during the year Estimated costs to complete Billings to customers during the year Received from customers during the year If Pell appropriately used the completed-contract method, what amount of gross profit (loss) should Pell report in its income statement for the year? a. (20,000). b. $0 C. $340,000 d. $420,000