Question: Summary data for Benedict Construction Company's (BCC) Job 1227, which was completed in 2024, are presented below: Bid price $ 450,000 Contract cost: 2023

Summary data for Benedict Construction Company's (BCC) Job 1227, which was completed in 2024, are presented below: Bid price $ 450,000 Contract cost: 2023 (180,000) 2024 Gross profit: (195,000) 75,000 Estimated cost to complete: 12/31/2023 12/31/2024 $ 200,000 0 Assuming BCC recognizes revenue over time according to percentage of completion for this contract, the gross profit recognized in 2023 would be (rounded to the nearest thousand): Note: Do not round intermediate calculations.

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