Pearl Construction uses the completed contract method for long-term construction contract. The information for a specific contract as of Jan 1, 2008
Costs incurred to date..........................700,000
Contract price..................................2,000,000
Estimated remaining cost to complete.....800,000

600,000 of cost was incurred during 2008 and on Dec 31,2008, the estimated remaining cost to complete was still 800,000. What is the correct balance for the construction in progress at Dec 31 2008.

Please show me how to calculate this problem.