Kechara corp. started a long-term construction project on a customer’s land in year 1. the following data relate to this project: contract price $4,200,000 costs incurred in year 1 1,750,000 estimated costs to complete 1,750,000 amounts billed 900,000 collections on amounts billed 800,000 the project is accounted for using the input method based on costs incurred to measure progress toward completion of the contract. in kechara’s year 1 income statement, what amount of gross profit should be reported for this project?