Question :
Platypus Building Inc. won a bid for a new office building contract. Below is info from the project accountant:
Total Construction Fixed Price $8,000,000
Construction Start Date March 3, 2012
Construction Complete Date December 4, 2014
As of Dec 31... 2012 2013
Actual cost incurred per year 2,000,000 $1,000,000
Estimated costs to complete $ 2,000,000 $1,000,000
Billed to customer $2,400,000 $5,300,000
Received from customer $2,250,000 $5,400,000
Consider Platypus Building Inc. uses the percentage of completion technique, what amount of gross profit would be recognized in 2013?