1. Washington Building Company signed a contract with a customer on November 1, 20X1. The contract called for construction of a building to begin by December 31, 20X1, and to be completed by December 31, 20X2. The contract price was $18.0 million. Washington estimated that the building would cost $12.0 million. On November 15, 20X1, the customer was required to make an advance payment of $2,000,000. No work was done on the project until January 20X2. How much income from the project should Washington report in 20X1?