Hollywood Construction Company recognizes revenue over time according to percentage of completion for its long-term construction contracts. During 2018, Hollywood began work on a $3,000,000 fixed-fee construction contract, which was completed in 2021. The accounting records disclosed the following data at year-end: 2018 2019 2020 Cumulative contract costs incurred $ 200,000 1,100,000 2,000,000 Estimated costs to complete at end of year 1,800,000 1,100,000 400,000 For the 2020 year, Hollywood should have recognized gross profit on this contract of