Current Attempt in Progress

Pharoah Construction Company had a contract starting April $2024,$ to construct a $$34000000$ building that is expected to be

completed in September $2025,$ at an estimated cost of $$31300000.$ At the end of $2024,$ the costs to date were $$14398000$ and the

estimated total costs to complete had not changed. The progress billings during $2024$ were $$8240000$ and the cash collected during

$2024$ was $$5520000.$ Pharoah uses the percentage$-$of$-$completion method. For the year ended December $31,2024,$ Pharoah would

recognize gross profit on the building of

$$2720000.$

$$1242000.$

$$0.$

$$1143371.$