Data pertaining to Arnold Co.s long-term construction jobs, which commenced during 2010, are as follows:

Contract price	$300,000
Costs incurred during 2010	280,000
Estimated costs to complete	40,000
Billed to customers during 2010	270,000
Received from customers during 2010	250,000

Arnold records revenue using the completed contract method. What amount of gross profit (loss) should Arnold report in its 2010 income statement?

Group of answer choices

$40,000

$420,000

$0

$(20,000)