Foreign Currency Transaction Rating

United Corp, a U.S-based multinational company, sells a product in Europe and has a purchase agreement in euros. The company anticipates receiving a payment of €500,000 in three months. At the end of the current reporting period, United Corp needs to record the transaction in its financial statements.

The current exchange rate is $1.10/€ and is expected to change. However, the company's accounting policy requires that foreign currency transactions be recorded at the transaction date exchange rate.

What would be the amount recognized in United Corp's financial statements for this transaction, assuming the exchange rate remains constant?