Question - During 2008, Eaton Corp. started a construction job with a total contract price of $3,500,000. The job was completed on December 15, 2009. Additional data are as follows:
2009 2008
Actual costs incurred $1,350,000 $1,525,000
Estimated remaining costs 1,350,000 -
Billed to customer 1,200,000 2,300,000
Received from customer 1,000,000 12,400,000
Under the completed-contract method, what amount should Eaton recognize as gross profit for 2009?