Question: In 2019, Dygress Construction Co. began work on a contract for $16,500,000; it was completed in 2020. The following cost data pertain to this contract:

In 2019, Dygress Construction Co. began work on a contract for $16,500,000; it was completed in 2020. The following cost data pertain to this contract: Cost incurred during the year Year Ended December 31 2019 $5,850,000 2020 $4,200,000 Estimated costs to complete at the end of year 3,900,000 Assuming the performance obligation is satisfied over time, what is the amount of gross profit to be recognized on the income statement for the year ended December 31, 2020? O $2,400,000 $6,450,000 $4,050,000 $2,695,000

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