Camey Construction enters into a longminusterm fixed price contract to build an office building for $5,000,000. In the first year of the contract Camey incurs $ 1 comma 400 comma 000 of cost and the engineers determined that the remaining costs to complete the project are $2,500,000. Camey billed $ 4 comma 000 comma 000 and collected $ 1 comma 000 comma 000 in year 1. Refer to Camey Construction. How much gross profit should Camey 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 whole dollar.)