5. In 2022, Wilson Construction Corporation entered into a contract to construct a building for Credit Depot for $8,000,000. The building was completed in 2023. 2022 information related to the contract is as follows:
						2022
	Costs incurred during the year			$4,500,000
	Estimated costs to complete as of year-end	2,900,000
	Billings during the year			1,800,000
	Cash collections during the year		1,500,000
Wilson recognizes revenue over time according to the percentage of completion. Calculate the amount of revenue and gross profit to be recognized in 2022.