Tullis Construction enters into a long$-$term fixed price

contract to build an office tower for $ $10300000.$ In the

first year of the contract Tullis incurs $ $2000000$ of cost

and the engineers determined that the remaining costs to complete

the project are $ $6000000.$ Tullis billed $ $3900000$

in year $1$ and collected$$ $$3,500,000$ by the end of the year. How

much gross profit should Tullis recognize in Year $1$ assuming the

use of the percentage$-$of$-$completion $$method$?($Round any

intermediary percentages to the nearest hundredth$$ percent, and

round your final answer to the nearest$$ dollar.$)$