A company entered into a 5-year construction contract with a total sales price of €3,000,000. The estimated total costs are €2,000,000, and the company incurred €500,000 in actual costs during the first year. The company has extensive experience with similar contracts, and costs incurred provide an appropriate measure of progress toward completing the contract. Assuming it is highly probable that revenue will not be subsequently reversed, the revenue recognized under the contract in Year 1 is most likely: