Mirabel is building a warehouse for a customer; the performance obligation is satisfied over time. At 31 December 20X1, cumulative revenue recognised since inception amounts to 340,000. The amounts invoiced to the customer, all of which have become due and are presented as receivables, total 300,000. Mirabel has no other contract with this customer. Calculate the contract asset balance at 31 December 20X1.
- Cumulative revenue recognised
- 340,000
- Amounts invoiced and due (cumulative)
- 300,000