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EMC Corporation entered into a contract to construct a new building for Thomas Corporation with a total contract price of $6,000,000 The estimated construction costs at Inception was $4,000,000. The construction project was completed after two years. Below are the actual costs for years 1 and 2: Description Cumulative Year 1 Year 2 Cost incurred to date 1,400,000 2,500,000 Estimated additional costs to complete 3,600,000 2,100,000 Billings 1050,000 2,300,000 Cash Collections 1,000,000 1,900,000 EMC has determined that this contract qualities for revenue recognition over time. As a result, EMC should recognize profit at the end of year 2 in the amount of Multiple Choice $3,600,000 $1,820,000 $1,050,000 $300,000