Question $6$

In the construction industry, Kyle Engineering Inc. has secured a contract to build a state$-$of$-$the$-$art bridge at a contracted price of $$18,000,000.$ The company follows the percentage$-$of$-$completion method to recognize revenue over time. Here are the project updates:

Cost Incurred

$2023$ $$4,500,000$

$2024$ $$7,500,000$

$2025$ $$7,500,000$

Estimated Additional Cost to Complete

$2023$ $$9,000,000$

$2024$ $$6,750,000$

$2025$ $$0$

What is the company$$s profit$/($loss$)$ recognized in $2024?$