Linx Corp. recognizes revenue over time to account for long-term construction contracts. The contract price is $1,000,000 and the estimated costs to complete the project are $500,000 on the date the contract was signed. Linx subsequently has the following information: Costs incurred to date $200, 000 $315, 000 $800, 000 ' Estimated costs to complete --_l | Progress billings 250,000 250,000 500,000 ' Linx recognized $200,000 of gross prot during year 1. What is the gross prot or loss recognized in year 2? $65,000 loss