Question: Ivanhoe Construction Co. uses the percentage-of-completion method. In 2018, Ivanhoe began work on a contract for $22200000; it was completed in 2019. The following cost

Ivanhoe Construction Co. uses the percentage-of-completion method. In 2018, Ivanhoe began work on a contract for $22200000; it was completed in 2019. The following cost data pertain to this contract: Year Ended December 31 2018 2019 Cost incurred during the year $8040000 $5620000 Estimated costs to complete at the end of year 5220000 The amount of gross profit to be recognized on the income statement for the year ended December 31, 2019 is

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