Assume that Ivanhoe Construction Company has a non-cancellable contract to construct a $4,600,000 bridge at an estimated cost of $4,140,000. The contract is to start in July 2023 , and the bridge is to be completed in October 2025. The following data pertain to the construction period. Assume that progress billings are non-refundable. The revised estimates for the bridge contract are as follows. Under the percentage-of-completion method, calculate revenue recognized in 2024. Revenue recognized in 2024