The following data pertains to a company's long-term contracts, which commenced during Year 2: Contract price Costs incurred during Year 2 Estimated costs to complete Project 1 Project 2 $420,000 $300,000 240,000 280,000 120,000 40,000 Billed to customers during Year 2 150,000 270,000 Received from customers during Year 2 90,000 250,000 If the company recognizes revenues and costs from contracts at a point in time, what amount of gross profit (loss) would the company report in its Year 2 income statement? A. $(20,000) B. $0 C. $340,000 D. $420,000