(TCO A) Tim Construction Co. began operations in 2016. Construction activity for 2016 is shown below. Tim uses the percentage of completion method. Contract Contract Price Billings Through 12/31/16 Collections Through 12/31/16 Costs to 12/31/16 Estimated Costs to Complete 1 $5,200,000 $3,500,000 $2,600,000 $3,000,000 $1,000,000 2 $3,600,000 $1,500,000 $1,000,000 $820,000 $1,880,000 3 $3,300,000 $1,900,000 $1,800,000 $2,250,000 $1,200,000 Which of the following should be shown on the Balance Sheet on Dec 31, 2016 related to Contract 1?