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 foed-fee construction contract which was completed in 2021. The accounting records disclosed the following data at year-end: Estimated costs to complete at end of year $1,800,000 1,100,000 400,000 Cumulative contract costs incurred S 200,000 1,100,000 2,000,000 2018 2019 2020 For the 2020 year, Hollywood should have recognized gross profit on this contract of