A company is preparing its financial statements for the year-end and needs to ensure compliance with the International Financial Reporting Standards (IFRS). The finance team is tasked with determining the appropriate method for recognizing revenue from a long-term construction contract. The contract stipulates that the total contract value is $1,000,000, and the project is expected to take 3 years to complete. By the end of the first year, the company has incurred costs of $300,000 and estimates that the total costs to complete the project will be $900,000. What is the revenue that should be recognized in the first year using the percentage-of-completion method?