How much gross profit should be reported for 2007? Show your computation

Stiner Builders contracted to build a high-rise for $14,000,000. Construction began in
2007 and is expected to be completed in 2010. Data for 2007 and 2008 are:
2007 2008
Costs incurred to date $ 1,800,000 $5,200,000
Estimated costs to complete 7,200,000 4,800,000