On June 30, 2019, Tier One Construction Company began construction of a new arena in Seattle, which will host the home games of the new NHL team, the Seattle Kraken.

Tier One agreed to complete the stadium by June 30, 2021, at a fixed price of

$ 1,500,000,000.Tier One has a fiscal year that ends on December 31, and will recognize revenue on the contract over time, and plans on using the ratio "Costs Incurred"/"Estimated Total Costs" to measure percentage of completion.Information related to the contract at various points in time is as follows:

Dec. 31, 2019Dec. 31, 2020June 30, 2021

Cumulative Costs Incurred$ 300,000,000$ 910,000,000$ 1,325,000,000

Estimated Remaining Costs900,000,000390,000,0000

Cumulative Amount

Billed to Customer400,000,000800,000,0001,500,000,000

A. (1)Based on the information provided above, Tier One Construction will report an

ASSET / LIABILITY (circle one) in the amount of $ _____________

on their December 31, 2019 Balance Sheet related to the difference between

"Construction in Progress" and "Billings on Construction in Progress".

B. (1)How much revenue will Tier Once Construction report on this contract for their

Fiscal year ending December 31, 2020?