Platypus Building Inc. won a bid for a new office building contract. Below is info from the project accountant:
- Total Construction Fixed Price $7,000,000
- Construction Start Date March 3, 2012
- Construction Complete Date December 4, 2013
As of Dec 31... 2012 2013
- Actual cost incurred $2,700,000 $3,050,000
- Estimated remaining costs $2,700,000 $-
- Billed to customer $2,400,000 $5,600,000
- Received from customer $2,000,000 $4,800,000
Assuming Platypus Building Inc. uses the completed contract method, what amount of gross profit would be recognized in 2013?