Question: In 2 0 2 4 , Gates Corp. started a construction job with a total contract price of $ 2 1 , 0 0 0

In 2024, Gates Corp. started a construction job with a total contract price of $21,000,000. The job was completed on December 15,2025. Additional data are as follows: Actual costs incurred during the year for 20248,100,000,20259,150,000. Estimated Remaining cost for 20248,100,000, for 20250. Billed to the customer in 20247,200,000,202513,800,000. Received from customer for 20246,000,000,202514,400,000 Under the cost-recovery method, what amount of gross profit should Gates recognize for 2025?

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