during 2017, Tim Corp. Started a construction job with a total contract price of $7,000,000. It was completed on December 15,2018. Additional data are as follows:

1.Data of 2017: Actual costs incurred in current year: $2,700,000 Estimated remaining costs: $2,700,000 Billed to customer: $2,400,000 Received from customer: $2,000,000

2.Data of 2018: Actual costs incurred in current year: $3,050,000 Estimated remaining costs: N/A Billed to customer: $4,600,000 Received from customer: $4,800,000

Under the completed-contract method, what amount should Tim Corp recognize as gross profit for 2018?