Sandlewood Construction Incorporated recognizes revenue over time according to percentage of completion for its long-term construction contracts. In 2024, Sandlewood began work on a $10,000,000 construction contract, which was completed in 2025. The accounting records disclosed the following data at the end of 2024:

Costs incurred $ 5,400,000

Estimated cost to complete 3,600,000

Progress billings 4,100,000

Cash collections 3,200,000

How much gross profit should Sandlewood have recognized in 2024?