Question: Multiple Choice Question 125 Sandhill Constructors, Inc. has consistently used the percentage-of-completion method of recognizing income. In 2018, Sandhill started work on a $57000000 construction

Multiple Choice Question 125 Sandhill Constructors, Inc. has consistently used the

Multiple Choice Question 125 Sandhill Constructors, Inc. has consistently used the percentage-of-completion method of recognizing income. In 2018, Sandhill started work on a $57000000 construction contract that was completed in 2019. The following information was taken from Sandhill's 2018 accounting records: Progress billings Costs incurred Collections Estimated costs to complete $15800000 15100000 9680000 29800000 What amount of gross profit should Sandhill have recognized in 2018 on this contract? $12100000 $8030735 $6050000 $4069265

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