Use the Information Below to Answer the Following Questions:
on

Use the information below to answer the following questions:
On 1 January 2010, Peter Ltd signed a contract worth $64 000 000 to construct the Cycling Stadium. The stadium was to be built over three years, with progress payments as follows:
$$\begin{array} { r r } & \$ \\\text { 31 December 2010 } & \$ 15000000 \\\text { 31 December 2011 } & \$ 20000000 \\\text { 31 December 2012 } & \$ 29000000\end{array}$$
Estimated costs were $50 000 000. The project was 35% complete at the end of 2010, 75% complete at the end of 2011, and 100% complete at the end of 2012. Revenues and costs were as estimated.
-What profit was earned during 2012 if the percentage of completion method was used?

A) $3 500 000
B) $5 600 000
C) $6 343 750
D) $14 000 000.