b. In the case of Revenue Recognition for Long-Term Contracts, a business estimates the project will take three years to complete. If during the second year, the company estimates that the completed project will end up with a loss of $300,000 and that the company recognized $200,000 in profits in the first year even though the estimates were well done (no error). The percentage of the work completed at the end of the second year was 60%. What profit (loss) should the company report at the end of the second year? Explain