SMU Construction entered into a contract to construct a generator station for a utility customer for a total price of $$900,000.$ The project was started in $2019$ and completed in $2020.$ Cost and other information is presented below.

$20192020$

Costs incurred during the year $$225,000$ $$550,000$

Estimated further costs to complete $375,000-0-$

Billings during the year $200,000700,000$

Cash collections during the year $150,000750,000$

Assuming that costs incurred provide an appropriate measure of contract progress, SMU Construction should recognize profit of $