A company uses the percentage-of-completion method to recognize revenue from its long-term construction contracts and estimates percent completion based on expenditures incurred as a percentage of total estimated expenditures. A three-year contract for €10 million was undertaken with a 30% gross profit margin anticipated. The project is now at the end of its second year, and the following end-of-year information is available:

The gross profitrecognizedin Year 2 is closestto:

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