The company recognises revenue on the basis of the costs completed as a proportion of the final contract value. The gains the use of the asset during its construction.The following details apply to a contract where performance obligations are satisfied over time at 31 December 20X5. $Total contract revenue 120,000Costs to date 48,000Estimated costs to completion 48,000Amounts invoiced 50,400The contract is agreed to be 45% complete at 31 December 20X5.What amount should be recognised in the statement of financial position as at 31 December 20X5 as a contract asset?