In 2015, fargo corporation began construction work under a three-year contract. the contract price is $4,800,000. fargo uses the percentage-of-completion method for financial accounting purposes. the income to be recognized each year is based on the proportion of costs incurred to total estimated costs for completing the contract. the financial statement presentations relating to this contract at december 31, 2015, follow: balance sheetaccounts receivable—construction contract billings $200,000construction in progress $600,000less contract billings 480,000costs and recognized profit in excess of billings 120,000income statementincome (before tax) on the contract recognized in 2015 $120,000what was the initial estimated total income before tax on this contract?