ABC Company uses the installment method to recognize revenue for its long-term contracts. In year 1, they signed a 3-year contract for $1,000,000 with a customer, requiring a 20% down payment upon signing and equal annual payments for the remaining balance. At the end of year 1, the customer has paid the down payment and the first year's annual payment. The cost of goods sold associated with this contract is $600,000. How much gross profit will ABC Company recognize in year 1 for this contract?