WCM Builders enters into a contract to build a shopping mall in 2020 for $6,000,000. Completion of the mall is expected to take 27 months and cost WCM $3,600,000. Upon signing the contract, WCM receives $600,000. During 2021, WCM incurs costs of $1,200,000 and receives a $1,000,000 progress payment. WCM's forewoman estimates that the job is 50% complete at the end of 2021. How much income must WCM recognize in 2021from work done on the mall?