Madison Building Company signed a contract with a customer on November 1, 2019. The contract called for construction of a building to begin by December 31, 2019, and to be completed by December 31, 2020. The contract price was $9.2million. Madison estimated that the building would cost $6.2million. On November 15, 2019, the customer was required to make an advance payment of $1,010,000. No work was done on the project until January 2020. How much income from the project should Madison report in 2019?