Guillen, Inc. began work on a ($7),000,000 contract in 2015 to construct an office building. Guillen uses

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Guillen, Inc. began work on a $$7$,000,000 contract in 2015 to construct an office building. Guillen uses the cost-recovery method. At December 31, 2015, the balances in certain accounts were Construction in Process $$1$,715,000, Accounts Receivable $$240$,000, and Billings on Construction in Process $$1$,000,000. Indicate how these accounts would be reported in Guillen’s December 31, 2015, statement of financial position.

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