Current Attempt in Progress During 2023, Novak Corporation started a construction job with a contract price of $3.08 million. Novak ran into severe technical difficulties during construction but managed to complete the job in 2025. The contract is non-cancellable. Under the terms of the contract. Novak sends billings as revenues are earned. Billings are non-refundable. The following information is available: Assume billings for the construction contract were as follows: 2023,$340,000:2024,$1,600,000; and 2025,$1,140,000. (a) Calculate the balance of the Contract Asset/Liability account at the end of each year using the percentage-of-completion method. (Do not leave ary answer field blank Enter Ofor omounts. Enter negative amounts usirg either a negative sign preceding the number es. 45 or parentheses eg. (45).) Assume billings for the construction contract were as follows: 2023,$340,000;2024,$1,600,000; and 2025,$1,140,000. (a) Calculate the balance of the Contract Asset/Liability account at the end of each year using the percentage-of-completion method. (Do not leave any answer field blank. Enter 0 for amounts. Enter negative amounts using either a negative sign preceding the number eg. 45 or parentheses eg. (45) ) eTextbook and Media Attempts: 0 of 5 used (b1)