Ivanhoe Construction Co Uses The Percentage Of Completion Method In 2018 Ivanhoe Beg 2691409

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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: Cost incurred during the year 2018-$6600000 and 2019-$5500000 Estimated costs to complete at the end of year 2018-5100000 The amount of gross profit to be recognized on the income statement for the year ended December 31, 2019 is $3653846. $3800000. $4053846. $8900000.