Larson Construction, Inc. has consistently used the percentage-of-completion method of recognizing income. During 2004, Larson started work on a $3,000,000 fixed price construction contract. the accounting records disclosed the following data for the year ended December 31, 2004:
- Cost incurred $930,000
- Estimated remaining costs to complete $2,170,000
- Progress billing $1,100,000
- Collections $700,000
- How much loss should Larson have recognized in 2004?