Scrappy Builders entered into a contract to build a new dormitory for North Texas College for $5 million. Construction began in 2018 and concluded in 2019. Data for each year of the project are presented below. If Scrappy recognizes revenue over time according to the percentage of completion, what is the balance of Scrappy's contract asset or liability at the end of 2018? 2018 2019 Costs incurred $2.4 million $ 1 million Estimated costs to complete 0.6 million Billings to customer 2 million 3 million Collections from customer 1.5 million 3.5 million Contract liability of $4 million Contract asset of $2 million Contract asset of $4 million Contract asset of $1.6 million