In its first year of business, Sea the World Cruises, Inc. collected $$3,000,000$ from customers in advance. During the first year it earned $40\%$ of the amount collected and will earn the rest in year two. It also incurred $$2,000,000$ in expenses for which $$1,800,000$ was paid. Which of the following statements is correct concerning its net income on its income statement for year $1?$