In 2010, a construction company agreed to build a bridge on a customers land for $3 million. Information relating to the contract is as follows:

During the year:	2010	2011
Costs incurred	$720,000	$995,000
Customer billings	900,000	1,000,000
Collections of billings	750,000	1,100,000
Estimated costs to complete, December 31	1,680,000	735,000

Gross profit recognized in 2011 according to the percentage of completion is

Group of answer choices

$223,367

$385,000

$248,750

$205,000