Cullumber Construction Company had a contract starting April 2018, to construct a $25200000 building that is expected to be completed in September 2020, at an estimated cost of $23200000. At the end of 2018, the costs to date were $13456000 and the estimated total costs to complete had not changed. The progress billings during 2018 were $600000 and the cash collected during 2018 was 3320000. Cullumber uses the percentage-of-completion method.
For the year ended December 31, 2018, Cullumber would recognize gross profit on the building of:
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