In 2018, Pharoah Corporation began construction work under a three-year contract. The contract price is $6800000. Pharoah uses the percentage-of-completion method for financial accounting purposes. The income to be recognized each year is based on the proportion of costs incurred to total estimated costs for completing the contract. The financial statement presentations relating to this contract at December 31, 2018, follow:

Balance Sheet

Accounts receivableconstruction contract billings $228000

Construction in progress $700000

Less contract billings $560000

Costs and recognized profit in excess of billings $140000

Income Statement

Income (before tax) on the contract recognized in 2018 $140000

What was the initial estimated total income before tax on this contract?