On October 1, 2010, Avenger Co. enters into a contract with a customer to build a factory on the customers land for $600,000. The construction of the factory is expected to be completed at the end of 2012. Based on Avengers accounting policies, revenue is recognized upon contract completion. In 2010, Avenger incurred $350,000 in costs in respect to this contract and billed the customer for $400,000. What amount of revenue from this contract will be recognized in Avengers 2010 income statement? Group of answer choices

$0

$50,000

$350,000

$400,000