Provide the journal entries associated with revenue recognition at the end of the first year.

CRO Inc. undertakes a 5 year long-term contract that qualifies for revenue recognition using the percentage completion method. The contract revenue is $4,000,000 and in the first year, the firm incurred $300,000 worth of costs and billed the customer for $500,000. The estimated total cost of the project at the end of the first year is $1,000,000. What is the amount of gross profit recognized by CRO at the end of the first year