Bon Construction Company has consistently used the percentage of completion method of recognizing income. During 20x5. Bon started work on a P 4,000,000 construction contract which was completed in 20x2. The accounting records provided the following data: 20x5 20x6 Progress billings 1,100,000 1,900,000 Cost incurred each 1,000,000 1,500,000 year Collections 700,000 2.300,000 Estimated cost to complete 1,500,000 How much income should Bon have recognized in 20x6