Turner Construction entered into a long term fixed price contract to construct a convention center for $10,700,000. In year 1 of thecontract, Turner incurred$3,000,000 of cost.Turner's engineers determined that it will take an additional$5,000,000 to finish the project. During the firstyear, Turner billed to the customer $4,000,000 and collected $3,100,000 by the end of the year. How much should Turner report as their balance of Accounts Receivable at the end of year1? Assume that Turner uses the completedcontract method.