ABC Company has a contract to make a new data analysis system for a customer, completing the first year of work as of December 31, 2017. The contract is for a five-year period with a fixed price of $1,000,000.Work must be completed no later than December 31, 2021 (end of five year period). ABC follows US GAAP accounting policies and the progress toward completion of the data analysis system is measured using the input method based on costs incurred. During Year 1, ABC incurred $450,000 in costs relating to work for this contract and invoiced the customer $600,000. As of December 31, 2017 (end of year one) ABC cannot reasonably estimate the total expected costs of the data analysis system and cannot reasonably estimate the progress toward completion of the system. ABC does expect to recover the costs incurred during construction.

What amount of revenue from this contract will be recognized by ABC for the financial reports and fiscal year ending as of December 31, 2017? That is, what revenue value should be recorded and recognized on the year end income statement?