Anwood Construction Company recognizes revenue over time according to percentage of completion for its long-term construction contracts. During 2016, Anwood began work on a $3,315,000 fixed-fee construction contract, which was completed in 2019. The accounting records disclosed the following data at year-end: Year--------Cumulative contract cost incurred----------Estimated cost to complete 2016------------$200,000----------------------------------------------------$ 1,800,000 2017------------$1,100,000------------------------------------------------ $1,100,000 2018-----------$2,000,000--------------------------------------------------$400,000 For the 2016 year, Anwood should have recognized gross profit on this contract of Trả lời