LOB Z has a $10M contract that is progress billed.
The following information is provided:
	Contract Value		10,000,000
	Price per unit		500,000
	Units		20
	ITD Cost incurred		5,000,000
	Estimated total cost at completion		9,000,000
	Estimated cost per unit		450,000
	Units delivered		10
	Progress Payment rate		80%
	Liquidation rate		80%
The 10 units were delivered on 6/1/2019.
1. Determine the balance to be billed when the 10 units are delivered on 6/1/2019.
Assume that all progress billings have been paid.
2. What is the balance in the Unliquidated Progress Collection account on 6/1/2019?