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Dorothy Brandt (Instructor) Another Problem: Tim Construction Co. began operations in 2016. Construction activity for 2016 is shown below. Tim uses the percentage of completion method Billings Collections Costs Estimated Through Through to 12/31/16 12/31/16 12131/16 Complete Contract Contract Costs to Price 1$5,200,000 $3,500,000 $2,600,000 $3,000,000 $1,000,000 2 $3,600,000 $1,500,000 $1,000,000 $820,000 $1,880,000 3 $3,300,000 $1,900,000 $1,800,000 $2,250,000 $1,200,000 What amount of Gross Profit should Tim show on the Income Statement of 2016 related to Contract 3? HTML Editor