A company is currently accounting for a contract to construct an asset controlled by the customer. The contract price is $2 million and work certified at the year-end is $1.3 million. Costs incurred to date amount to $1.4 million and it is estimated that a further $1 million will be incurred in completing this project. $1.3 million has been invoiced to the customer. What is the amount thlat should be recorded in the statement of financial position for contract assets or liabilities in relation to this contract? Stage of completion is calculated on an input(costs incurred) basis .