What is the Balance of the contract asset/liability on December 31, 2024?

During 2023, Sarasota Corporation started a construction job with a contract price of $6.16 million. Sarasota ran into severe technical difficulties during construction but managed to complete the job in 2025 . The contract is non-cancellable. Under the terms of the contract, Sarasota sends billings as revenues are earned. Billings are non-refundable. The following information is available: Assume billings for the construction contract were as follows: 2023,$780,000;2024,$2,700,000; and 2025,$2,680,000. (a) Calculate the balance of the Contract Asset/Liability account at the end of each year using the percentage-of-completion method. (Do not leave any answer field blank. Enter O for amounts. Enter negative amounts using either a negative sign preceding the number e.g. 45 or parentheses e.g. (45).)