Ivanhoe Construction Co. uses the percentage-of-completion method. In 2018, Ivanhoe began work on a contract for $21000000; it was completed in 2019. The following cost data pertain to this contract:
Year Ended December 31
Cost incurred during the year $6600000 $5500000
Estimated costs to complete at the end of year 5100000 —
The amount of gross profit to be recognized on the income statement for the year ended December 31, 2019 is
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