RECOMMENDED!!AC 501-During 2008, Eaton Corp. started a construction

  

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: 20092008Actual costs incurred$1,350,000$1,525,000Estimated remaining costs1,350,000-Billed to customer1,200,0002,300,000Received from customer1,000,00012,400,000Under the completed-contract method, what amount should Eaton recognize as gross profit for 2009?

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