Hansen Construction, Inc., has consistently used the input method based on costs incurred to recognize revenue over time. During Year 1, Hansen started work on a $3 million fixed-price construction contract. The accounting records disclosed the following data for the year ended December 31, Year 1: Costs incurred $ 930,000 Estimated costs to complete 2,170,000 Amounts billed 1,100,000 Collections 700,000 How much loss should Hansen have recognized in Year 1?
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