Guillen Inc. began work on a $7-million non-cancellable contract in 2020 to construct an office building. Guillen uses the completed-contract method under ASPE. At December 31, 2020, the balances in certain accounts were Contract Asset/Liability $715,000 (debit balance) and Accounts Receivable $240,000.

a. Indicate how these accounts would be reported in Guillen’s December 31, 2020 statement of financial position (SFP).

b. Repeat part (a) assuming instead that the Contract Asset/Liability account had a credit balance of $215,000.