Camey Construction enters into a long-term fored price contract to build an office building for $5,000,000. In the first year of the contract Camey incurs $1,500,000 of cost and the engineers determined that the remaining costs to complete the project are $2.500,000. Camey billed $2,000,000 and collected $900.000 in year 1. Refer to Camey Construction. How much gross profit should Camey recognize in Year 1 assuming the use of the percentage of completion method? (Round any intermediary percentages to the nearest hundredth percent, and round your final answer to the nearest whole dollar.) A. $375,000 B. $562,500 C. $500,000 D. $1,500,000