Bluegrass Builders Ltd. Is using the completed- contract method for a $ 2,000,000 contract that will take two years to complete. Data at December 31, 2020, the end of the first year, are Costs incurred to date $ 925,000 Estimated costs to complete 1,100,000 Billings to date 850,000 Collections to date 700,000 The gross profit or loss that should be recognized for 2020 is