Tullis construction tullis construction enters into a long-term fixed price contract to build an office tower for $10,000,000. in the first year of the contract tullis incurs $3,000,000 of cost and the engineers determined that the remaining costs to complete are $5,000,000. tullis billed $4,000,000 in year 1 and collected $3,500,000 by the end of the end of the year. refer to tullis corporation. how much gross profit should tullis recognize in year 1 assuming the use of the completed contract method?