Inexperienced construction company Steven Corp. signed a risky non-cancellable contract to build a research facility at a fixed contract amount of $2,200,000. The work began in early 2023 and Steven incurred costs of $990,000. At December 31, 2023, the estimated future costs to complete the project totalled $990,000. During 2024, Steven ran into trouble with weather conditions and incurred the expected costs of $990,000 and estimated that it would need to spend an additional $365,000 to complete the project. During 2025, Steven reluctantly completed the project, incurring further costs of $390,000. Prepare the December 31, 2024 year-end journal entry to record any loss from the contract, assuming Steven uses the completed-contract method