In $2020,$ Manson Construction Corp. started work on a $$10,500,000$ construction contract that was completed in $2021.$ The following information was taken from Manson's $2020$ accounting records:

Billings to date: $ $3,300,000$

Costs incurred: $$3,150,000$

Collections to date: $$2,100,000$

Estimated future costs to complete: $$6,300,000$

What amount of gross profit should Manson recognize in $2020$ on this contract? Assuming that costs incurred provide an appropriate measure of contract progress.

Question $7$ options:

a$)$

$ $1,050,000$

b$)$

$ $350,000$

c$)$

$ $525,000$

d$)$

$ $700,000$