Logi sells large-screen monitors. Logi leases monitors to AdScreens on January 1, 2021. The cost of manufacturing the monitors was $18 million.    This noncancelable lease had the following terms: Lease payments: $3,254,908 semiannually; first payment at January 1, 2021; remaining payments at June 30 and December 31 each year through June 30, 2025. Lease term: 5 years (10 semiannual payments). No residual value; no purchase option. Economic life of equipment: 5 years. Implicit interest rate and lessee's incremental borrowing rate: 10% semiannually. Fair value of the monitors at January 1, 2021: $22 million.    What is the outstanding balance of the lease liability in AdScreens's June 30, 2021, balance sheet? (Round your answer to the nearest whole dollar.)

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Contract Costing

Contract costing is about tracing particular costs related to a particular contract entered into with the customer. It is one of the forms of job order costing. It is useful in long-term contracts at the most. It is seen that substantial time is required for the completion of the contract which takes different accounting periods. Thus, it is very much helpful for recognizing the costs associated with it and accounting in their specific accounting periods.