Question: Please show how the answer is arrived. Pharoah Construction Co. uses the percentage-of-completion method. In 2021, Pharoah began work on a contract for $21200000; it

Please show how the answer is arrived.

Pharoah Construction Co. uses the percentage-of-completion method. In 2021, Pharoah began work on a contract for $21200000; it was completed in 2022. The following cost data pertain to this contract: Year Ended December 31 2021 2022 $6840000 $5520000 5120000 Cost incurred during the year Estimated costs to complete at the end of year The amount of gross profit to be recognized on the income statement for the year ended December 31, 2022 is $3720000. $8840000. $3955585. $3555585

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