JME Construction signs a contract in the amount of $10 million with the following data available: Costs incurred in Year 1 $2,200,000 Billings in Year 1 $2,000,000 Cash collected in Year 1 $1,750,000 Total cost of project $8,800,000 How much revenue should JME recognize for Year 1? 2.270,000. $2,500,000 1,750,000