Quapaw Construction Company enters into an agreement with Paine County to resurface 30 miles of highway. The contract is for $600,000. Quapaw estimates its total cost of the project to be $500,000. During the current year, Quapaw completes 18 miles of resurfacing, incurs $250,000 in actual costs, and receives $300,000 in advance payments on the project. How much income will Quapaw have to recognize during the current year?