Lear Constructors, Ltd.has consistently used the percentage-of-completion method of recognizing income.In 2010, Lear started work on a $7,000,000 construction contract that was completed in 2011.The following information was taken from Lear's 2010 accounting records: 
Under the earnings approach, what amount of gross profit should Lear have recognized in 2010 on this contract?
Definitions:
Customer Relationship Management (CRM)
A business philosophy and set of strategies, programs, and systems that focus on identifying and building loyalty among the firm’s most valued customers.
Straight Rebuy
A purchasing situation in which a buyer reorders a product or service without modifications or shopping around.
Buying Center
A group within an organization responsible for evaluating and making purchasing decisions.
Straight Rebuy
A purchasing scenario in business-to-business transactions where an organization reorders a good or service without modification from the same supplier.
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