During 2020, Sheffield Corporation started a construction job with a contract price of $3.50 million. Sheffield 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, Sheffield sends billings as revenues are earned. Billings are non-refundable. The following information is available:

		2020		2021		2022
Costs incurred to date		$ 500,000		$1,750,000		$3,400,000
Estimated costs to complete		2,625,000		1,750,000		-0-

Billings for the construction contract were as follows: 2020, $400,000; 2021, $1,750,000; and 2022, $1,350,000.

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 0 for amounts.)

		December 31, 2020		December 31, 2021		December 31, 2022
Balance of the Contract Asset/Liability		$		$		$

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Calculate the balance of the Contract Asset/Liability account at the end of each year using the zero-profit and completed-contract methods. (Do not leave any answer field blank. Enter 0 for amounts.)

		December 31, 2020		December 31, 2021		December 31, 2022
Balance of the Contract Asset/Liability		$		$		$