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TechCorp is a leading technology conglomerate with operations spanning software development, hardware manufacturing, and digital services. As a financial analyst at TechCorp, you are tasked with analyzing the company's financial performance for the fiscal year ending December 31, 2023. The following information pertains to TechCorp:

Revenue Recognition and Contract Analysis: TechCorp has entered into a significant contract with a client for the provision of cloud computing solutions. The contract spans over three years, with TechCorp receiving an upfront payment of $5,000,000 at the beginning of the contract. The total contract value is $15,000,000. The company recognizes revenue over time based on the completion of milestones. During the first year of the contract, TechCorp completed 30% of the total project milestones. Determine the revenue recognized for the first year under the percentage-of-completion method