During year 1, Meriwether Construction Company started a construction job with a contract price of $3,000,000. The job was completed in year 2 and the company uses the percentage of completion method. The following information is available for year 1 and year 2:

	Year 1	Year 2
Cost incurred to date	$500,000	$2,400,000
Estimated cost to complete	1,500,000	0
Billings to date	300,000	1,800,000
Collections to date	100,000	1,600,000

What amount of gross profit should Meriwether recognize for this job for year 2?

A. $1,000,000

B. $250,000

C. $350,000

D. $600,000