MC Qu. 03-21. Noah Construction Company is building a large complex for a.. Noah Construction Company is building a large complex for a contract price of $5,000,000. This isa three-year project and the requirements for recognizing revenue over time are met. The total estimated cost of the project is $4.000,.000 and the following information is available s in thousands) Costs incurred Estimated completion costs Billings Cash collected Year 1 Year 2 Year 3 $1,000 $1,500 $1,250 $3,000 $1,580 $ e $750 $1,750 $2,508 $ 500 $1,see $3,000 Using the percentage-of-completion method of revenue recognition, how much income is recognized in Year 2? Multiple Choice $250,000 $375,000 $625,000