AC 302 Week 2 Quiz 100% Correct

AC 302 Question 4.	Question :	Kiner, Inc. began work in 2014 on a contract for $16,800,000. Other data are as follows:
                                                                                  2014                      2015      
Costs incurred to date                                                $7,200,000          $11,200,000
Estimated costs to complete                                        4,800,000                     —
Billings to date                                                             5,600,000            16,800,000
Collections to date                                                        4,000,000            14,400,000
           
If Kiner uses the percentage-of-completion method, the gross profit to be recognized in 2014 is

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