In Year 1, Jones and Co. entered into a three-year construction contract with a price of $6,000,000. Jones and Co. has consistently used the percentage of completion method based on the cost-to-cost approach. The following data pertains to the construction period:

	Year 1
Current-period costs incurred	$1,670,000
Estimated costs to complete	3,330,000
Billings during the year	1,800,000
Collections during the year	800,000

What is the net balance of the contract asset related to this contract that will be reported on Jones and Co.s balance sheet at December 31 in Year 1? Assume Jones and Co. follows ASPE. (Round all calculations to one decimal place.)