Haft Construction Company has consistently applied the percentageof completion method. On Jan 10, 2008 Haft began work on a$3,000,000 construction contract. At the inception date, theestimated cost of construction was $2,250,000. The following inforelate to the progress of the contact:
| Income recognized at 12/31/08 |
300,000 |
| Cost incurred1/10/08 through 12/31/09 |
1,800,000 |
| Estimated costto compelte at 12/31/09 |
600,000 |
1. In its income statement for the year ended Dec 31 ,2009, whatamount of gross profit should Haft report?