Melton Construction Co. began operations in 2014. Construction activity for 2014 is shown below. Melton uses the completed-contract method. Billings Collections Estimated Contract Through Through Costs to Costs to Contract Price 12/31/14 12/31/14 12/31/14 Complete (1) P 3,200,000 P 3,150,000 P 2,600,000 P 2,150,000 (2) 3,600,000 1,500,000 1,000,000 820,000 P 1,880,000 (3) 3,300,000 1,900,000 1,800,000 2,250,000 1,200,000 1. What amount should be shown on the balance sheet at December 31, 2014 related to Contract 2? 2. What amount should be shown on the balance sheet at December 31, 2014 related to Contract 3?