Monroe Construction Company uses the percentage-of-completion method of accounting. In 2013, Monroe began work on a contract it had received which provided for a contract price of $20,000,000. Other details follow: 2013 Costs incurred during the year $9,600,000 Estimated costs to complete as of December 31 $6,400,000 Billings during the year $8,800,000 Collections during the year $5,200,000 What should be the gross profit recognized in 2013?