(Answered) Question - platypus building inc won a bid for a new office

Accounting

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

Assuming Platypus Building Inc. uses the percentage of completion method, what amount of gross profit would be recognized in 2013?

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