Haft construction co. has consistently used the input method based on costs incurred to measure progress toward completion of the project. on january 10, year 3, haft began work on a $3 million construction contract. at the inception date, the estimated cost of construction was $2,250,000. the following data relate to the progress of the contract:
gross profit recognized at 12/31/yr 3
$ 300,000
costs incurred 1/10/yr 3 through 12/31/yr 4
1,800,000
estimated cost to complete at 12/31/yr 4
600,000
in its income statement for the year ended december 31, year 4, what amount of gross profit should haft report?