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In 2013, Thomas Jefferson contracted to build an airplane for $12,000,000. Data relating to the contract...

In 2013, Thomas Jefferson contracted to build an airplane for $12,000,000. Data relating to the contract are as follows: ($ in thousands) 2013 2014 Costs incurred during the year $2,000 $6,000 Estimated costs to complete as of year-end 6,000 - Billings during the year 6,000 6,000 Cash collections during the year 5,000 7,000 Determine the gross profit that Thomas Jefferson should recognize in both 2013 and 2014 using the percentage-of-completion method.

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