Apple Construction Corporation uses the completed-contract method of accounting. In 2017, Apple began work on a contract it had received which provided for a contract price of $4,000,000. Other details follow:

2017

Costs incurred during the year$800,000

Estimated costs to complete of December 312,400,000

Billings during the year920,000

Collections during the year700,000

The portion of the total gross profit to be recognized as income in 2017 is

Group of answer choices

$550,000.

$250,000.

$450,000.

Zero.

$300,000.