Joker Inc. entered into a three year contract to construct a building for a customer on December 31, 20x0. The customer agreed to pay $4,000,000 for the building. At that time, it was estimated that the total cost to complete the project would be $3,000,000. Data relating to the contract over the three years is below: 20x1 20x2 20x3 Costs incurred during the year 500,000 1,000,000 1,900,000 Expected costs to complete the contract 2,000,000 1,000,000 - How much profit can be recognized in 20x2?