Noah Construction Company is building a large complex for a contract price of $5,000,000. This is a three-year project estimated to cost $4,000,000 and the following information is available: ($ in 000 ) Year 1 Year 2 Year 3 Cost incurred to date 1,000 2,500 3,750 Estimated completion costs 3,000 1,500 0 Billings 750 1,750 2,500 Cash collected 500 1,500 3,000 Using the percentage-of-completion method of revenue recognition, how much income is recognized in Year 2?Immersive Reader (4 Points) $250,000 $375,000 $625,000 $3,125,000