$7$ D Ltd is installing a state$-$of$-$the$-$ art air traffic control system for National

Aviation Authority. The work started on $1$ July $2022$ with an expected

finalisation date of $30$ June $2025.$ The contract value is $4,000,000.$ The

agreed price is $4,000,000.$

Expenses realised to $1,600,000.$

Fifty percent job on the contract was completed.

Certificate of work finished have been issued by the engineering

department, to the value of $2,000,000.$

Required

What is the contract profit in year $2023$ and what have the carrying value

of the contract asset on $30$ June $2023.$