Question: Guillen Inc. began work on a $7,000,000 non-cancellable contract in 2017 to construct an office building. Guillen uses the completed-contract method under ASPE. At December

Guillen Inc. began work on a $7,000,000 non-cancellable contract in 2017 to construct an office building. Guillen uses the completed-contract method under ASPE. At December 31, 2017, the balances in certain accounts were Contract Asset $1,715,000; Accounts Receivable $240,000; and Contract Liability $1,000,000. Indicate how these accounts would be reported in Guillen's December 31, 2017 balance sheet.

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