Stoney Run Construction Company (U.S. GAAP) enters into a 3-year contract to build a new warehouse facility Information for Years 1, 2, and 3 is shown below: Year 1 Year 2 Year 3 Sale price Estimated costs Costs incurred to date (paid in cash) Billed to date Received in cash to date $2,800,000 1,600,000 400,000 250,000 190,000 $2,800,000 2,000,000 900,000 1,150,000 950,000 $2,800,000 2,000,000 2,000,000 2,800,000 2,800,000 Percentage of Completion (Revenue Recognized Over Time Question 1: Calculate the gross profit booked in Year 1