During 2023, Mosby Company started a construction project wi…

During 2023, Mosby Company started a construction project with a contract price of $3,200,000.  The following information was available for the project: 2023 2024 2025 Cost incurred to date             $1,152,000        $1,952,000        $2,440,000 Estimated costs to complete             1,248,000        488,000                       –   What amount of construction expense will Mosby record on their 2024 income statement?  (Round intermediate calculations to 4 decimals and final calculations to whole dollars)