Hisham is a popular, veteran soccer player looking to end his career in his

hometown of Seattle, WA$.$ The team management has offered Hisham $$4,000,000$

for a one$-$year contract along with a $$1,000,000$ signing bonus. Hisham would

prefer a two$-$year contract for $$7,000,000$ with a lower signing bonus of $$500,000.$

Team management agrees. What amount of income must be reported by Hisham

in the first year of his contract if Hisham actually receives the $$3\mathrm{.}5$ million in year