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3. Ramos, Inc. began work in 2014 on contract #3819, which provided for a contract price of $9,000,000. Ramos uses the percentage-of-completion approach (i.e., revenue recognition over time). Other details follow: 2014 2015 Costs incurred during the year $4,920,000 $2,180,000 Estimated costs to complete, as of December 31 3,280,000 2,400,000 Billings during the year 1,350,000 2,650,000 Collections during the year 900,000 2,500,000 The portion of the total gross profit (loss) to be recognized as income in 2014, rounded to the nearest $1,000, is A) $1,350,000 1 B) $900,000 C) $480,000 D) $450,000 4. The portion of the total gross profit (loss) to be recognized as income in 2015, rounded to the nearest $1,000, is A) ($1,300,000) B) ($600,000). C) ($857,000). D) ($980,000)