Yanmei Construction Company began operations January 1, 2010. During the year, Yanmei Construction entered into a contract with Lundquist Corp. to construct a manufacturing facility. At that time, Yanmei estimated that it would take 5 years to complete the facility at a total cost of $4,500,000. The total contract price for construction of the facility is $6,000,000. During the year, Yanmei incurred $1185800 in construction project. The estimated cost to complete the contract is 4204200. Lundquist Corp was billed and paid 25% of the contract price.

ended December 31, 2010, and the amount to be shown as