1. During 2018, Jones Corp. started a construction job with a total contract price of $22,000,000. The job was completed on December 15, 2019. Additional data are as follows:

   2018 2019

   Actual Costs incurred during the year $7,500,000 $8,100,000

   Estimated Remaining Costs $9,050,000 -

   Billed to Customer $6,850,000 $15,500,000

   Received from Customer $5,000,000 $14,600,000

   Under the completed-contract method, what amount should Jones recognize as gross profit for 2019?

   		$13,900,000
   		$6,400,000
   		$2,400,000
   		$5,450,000