Indiana Inc. entered into a contract to construct a building in three years for a fixed price of $2,200,000. Indiana recognizes revenue over time according to the percentage of the project that has been completed. Cost incurred in 2015 is $250,000 and estimated cost to complete is $1,750,000. Cost incurred in 2016 is $1,500,000 and estimated cost to complete is $250,000.

In 2016, Indiana would report (rounded to the nearest thousand) gross profit (loss) of: