In early 2021, the Miami Company signed a contract for construction of an industrial park to be completed in three years. At that time, estimated total costs were $2,250,000, and estimated total revenues were $4,000,000. During 2021, Miami incurred costs of $960,000 and collected $1,100,000. In December 2021, Miami recalculated total costs for the project to be $3,200,000 while estimated total revenues remained unchanged. What amount of gross profit (loss) should be recognized by Miami for 2021, using the percentage-of-completion method? $266,667 profit $55,000 loss $240,000 profit $285,000 loss