Construction Company $($CC$)$ began construction on a large multi$-$year project in Year$1.$ This is CC$\text{'}$s only construction project.$$ The contract qualifies for revenue recognition over time. Note: this content is copyrighted. From the start of the project through $12/31/$Year$2$: CC has recorded $$250,000$ of profit on this project. CC has incurred construction costs of $$872,000.$ CC has billed the client $$900,000.$ At the end of Year$3,$ CC makes the following estimates: CC predicts that the final profit on the project will be $$360,000.$ CC estimates that the project is $50\%$ complete. Note: this content is copyrighted. What will be the balance in the Construction$-$in$-$progress account on the balance sheet at $12/31/$Year$2?$ Question Blank $1$ of $2$ How much profit or loss will CC report in for Year$3?$