On February 1, 2024, Arrow Construction Company entered into a three-year construction contract to build a bridge for a price of $8,060,000. During 2024, costs of $2,020,000 were incurred with estimated costs of $4,020,000 yet to be incurred. Billings of $2,520,000 were sent, and cash collected was $2,270,000.
What is the estimated total profit or loss for 2024?
a) $470,000 profit
b) $230,000 profit
c) $230,000 loss
d) $470,000 loss