Alphabet Inc., the parent company of Google, follows the accrual method in its financial reporting policies. In 2023, Alphabet entered into a contract to provide advertising services to a client for $120 million. By the end of 2023, Alphabet had completed 60% of the advertising campaign. Calculate the amount of revenue that Alphabet should recognize for the fiscal year 2023 under the accrual method.

Calculate the total revenue recognized by Alphabet for the fiscal year 2023 under the accrual method for the advertising services contract.