Mathematics · Financial Accounting

On 1 October 20X4, Constructo Co entered into a fixed-price contract to build a bridge for a customer for $10 million. Constructo Co satisfies the performance obligation over time and measures progress using the input method (costs incurred to date as a proportion of total expected costs). At the year-end of 31 December 20X4, the following details are available: * Costs incurred to date: $2.4 million * Estimated costs to complete: $5.6 million * Amounts billed to the customer: $2.8 million * Cash received from the customer: $2.0 million What is the value of the contract asset or liability to be recognized in Constructo Co's statement of financial position as at 31 December 20X4?