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 Actual costs incurred $405,000 Estimated remaining costs 405,000 Billings to date 360,000 Collections to date 200,000 For 2021, what amount should Bing recognize as gross profit? 2021 $457,000 - 690,000 480,000