for part b, the contract asset is 30,000 but please explain as to why?

In 20X6, LV Palace, a big conglomerate in Nevada, decided to build a coliseum to host the shows of its signature performer Celine. The project is titled "A New Day Has Come" and will require three years to complete. LV Palace has contracted with Dion Construction Inc. (a public company) to complete the project for a total price of $1.4 million. Below is the information of Dion Construction Inc.: Required: (a) Dion Construction Inc. uses the percentage-of-completion method. Calculate the gross profit (loss) to be recognized in each of 206,207, and 20x8. Show your calculations. (b) Indicate how the construction contract is presented (do not need to include the cash and accounts receivable account) in the balance sheet as of December 31, 20x6: (c) Record the journal entries (round to nearest dollar) for 20x6. No explanation is necessary. Closing entries are not required