1 pts Question 29 Jones Construction takes on a new project that it anticipates will take 2 years to complete. It agrees to a total contract price of $4 million, and its expected operating costs are $3 million. In the first year, it incurs costs of $1.8 million and receives payments of $2 million. If it is using the percentage-of-completion method to recognize revenue, then the operating income recorded in the first year will be: $600,000 $200,000 $1.8 million