Summary data for Benedict Construction Co.'s (BCC) Job 1227, which was completed in 2021, are presented below: Bid price $ 450,000 Contract cost: 2020 (180,000) 2021 (195,000) Gross profit: 75,000 Estimated cost to complete: 12/31/2020 $ 200,000 12/31/2021 0 Assuming BCC recognizes revenue over time according to percentage of completion for this contract, the gross profit recognized in 2020 would be (rounded to the nearest thousand) :
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