A construction company enters into a long$-$term contract with a customer to build a warehouse. The total contract price is $$3$ million, and the estimated total costs are $$2\mathrm{.}2$ million. In the first year of the project, the company incurs costs of $$800,000$ and estimates it is $40\%$ complete. Using the percentage$-$of$-$completion method, calculate the amount of revenue and profit to be recognized in the first year.

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