During 2020, Bing Corp. started a construction job with a total contract price of $1,050,000. Bing has consistently used the completed contract method. The job was completed on December 15, 2021. Additional data are as follows:

		2020		2021
Actual costs incurred		$405,000		$457,000
Estimated remaining costs		405,000
Billings to date		360,000		690,000
Collections to date		200,000		480,000

For 2021, what amount should Bing recognize as gross profit?

$0

$120,000

$188,000

$142,500