In 2021, the Southgate Construction Company entered into a contract to construct a bridge for $12,000,000. The bridge was completed in 2023. Information related to the contract is as follows: 2021 2022 2023 Cost incurred during the year $1,840,000 $3,760,000 $4,500,000 Estimated costs to complete as of year-end $6,160,000 $4,400,000 $0 Billings during the year $3,000,000 $4,000,000 $5,000,000 Cash collections during thee year $2,600,000 $3,900,000 $5,100,000 Southgate recognizes revenue using the completed contract method. What amount will Southgate show on the balance sheet at December 31, 2022?