Question: During 2021, Pharoah Corp. started a construction job with a total contract price of $17000000. The job was completed on December 15, 2022. Additional

During 2021, Pharoah Corp. started a construction job with a total contract price of $17000000. The job was completed on December 15, 2022. Additional data are as follows: 2021 2022 Actual costs incurred during the year $6900000 $7950000 Estimated remaining costs Billed to customer Received from customer 6900000 0 6000000 12200000 4800000 12800000 Under the completed-contract method, what amount should Pharoah recognize as gross profit for 2022? $3050000 $2150000 O $1075000 O $1250000

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