Question: Blossom, Inc. began work on a $ 7 , 4 8 1 , 0 0 0 contract in 2 0 2 8 to construct an

Blossom, Inc. began work on a $7,481,000 contract in 2028 to construct an office building. Blossom uses the cost-recovery method. At
December 31,2028, the balances in certain accounts were Construction in Process $1,805,000, Accounts Receivable $242.000. and
Billings on Construction in Process $1,088,000.
Indicate how these accounts would be reported in Blossom's December 31,2028, balance

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