During 2020, Culver Corporation started a construction job with a contract price of $6.16 million. Culver ran into severe technical difficulties during construction but managed to complete the job in 2022. The contract is non-cancellable. Under the terms of the contract, Culver sends billings as revenues are earned. Billings are non-refundable. The following information is available: Costs incurred to date 2020 $880,000 2021 $3,080,000 2022 $6,060,000 Estimated costs to complete 4,620,000 3,080,000 -0- Billings for the construction contract were as follows: 2020, $780,000: 2021, $2,700,000; and 2022, $2,680,000. 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 O for amounts) Balance of the Contract Asset/Liability December 31, 2020 December 31, 2021 December 31