Question: Guillen, Inc. began work on a $7,000,000 contract in 2020 to construct an office building. Guillen uses the completed-contract method. At December 31, 2020, the

Guillen, Inc. began work on a $7,000,000 contract in 2020 to construct an office building. Guillen uses the completed-contract method. At December 31, 2020, 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, 2020, balance sheet.

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