What is the balance in the Contract Asset/Liability account at December 31,2023 and 2024? ...

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Accounting

What is the balance in the Contract Asset/Liability account at December 31,2023 and 2024?
Blossom Enterprises Ltd. has entered into a contract beginning in February 2023 to build two warehouses for
Sheridan Structures Ltd. The contract is a non-cancellable fixed-price contrct for $8.7 million. Billings and
collections are lower in 2025 by $500,000 each. The following data pertain to the construction period (all figures in
thousands).
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