WHAT IS THE AMOUNT OF THE CONTRACT ASSET (CONTRACT LIABILITY) FOR 2011

Chan Builders Inc entered into a contract with George Company to construct a production plant. At that time, Chan Builders estimated that it would take five years to complete the facility at a total cost of P28,800,000. Chan Builders therefore, pegged the total contract price for the construction of the facility at P34,800,000. During 2010, Chan Builders incurred P7,500,000 in construction costs related to the project. Because of rising material and labor costs, the estimated cost to complete the contract at the end of 2010 amounted to P22,500,000. George was billed and paid 30% on the contract price in accordance with the contract agreement. Compute the Contract Asset (Contract Liability) for 2011