Lugory Co started a contract in June 2017 so build a small footbridge at a fixed price of $50 milion The bridge was to be completed by October 2010 st notat estrated cost of $30 miton Fotul cumulative costs incurred by the end of December 2017 and 2018 were $12 million and $24 milion, respectively Because of cost overruns 2018, it snow expected that the projed will cost $2.000.000 more than originally estimated Final costs at the end of the project totalled $39 milion Lagory Co follows the guidance in IFRS. Required Determine the amount of gross profit to be recognized for the year ended December 31 2018 Sekict the formulu inbets and calculate the cross profit Lugory Co wilt recognize for the year ended December 31, 2018 Erdur all amounts in dollars and not in mations Round the portant comment to two decimal places Percent complete Gloss prontamed to die Gross profit for the year onded December 31, 2018