74 757. 2.) Frame Construction company's contract requires the construction of a bridge in 3 years. The expected cost of the bridge is $2 million and Frame will receive $2.5 million for the project. The actual costs incurred to complete the project were $500,000, $900,000, and $600,000, respectively during each of the 3 years. Progress payments received by Frame were $600,000, $1.2 million and $700,000 in each year respectively. Assuming that the percentage-of-completion method is used, what amount of gross profit should Frame report during the last year of the project