On July 1, 2023, Ballon, Inc. entered into a contract to construct a weather ballon for Metro Research Company over a 1.5 year period. Additional information on the project follows:

Contract price $5,000,000

Estimated cost to complete the project at the contract date $3,000,000

Cost incurred during 2023 on the project 1,250,000

Estimated cost at December 31, 2023, to complete the project 1,700,000

Amount billed to Balloon under the contract 1,000,000

Balloon appropriately accounts for this contract under the percentage-of-completion method. What amount should Balloon show as gross profit on its income statement related to the project with Metro?