Problem
Amazon Building, Inc. won a bid for a new warehouse building contract. Below is information from the project accountant. Total Construction Fixed Price $10,000,000 Construction Start Date June 13, 2012 Construction Complete Date December 16, 2013 As of Dec. 31... 2012 2013 Actual cost incurred $4,500,000 $2,360,000 Estimated remaining costs $2,250,000 $- Billed to customer $6,000,000 $4,000,000 Received from customer $5,000,000 $3,500,000. Assuming Amazon Building, Inc. uses the completed contract method, what amount of gross profit would be recognized in 2013?