Question: Crane, Inc. began work on a $ 7 , 4 4 6 , 0 0 0 contract in 2 0 2 5 to construct an

Crane, Inc. began work on a $7,446,000 contract in 2025 to construct an office building. Crane uses the cost-recovery method. At December 31,2025, the balances in certain accounts were Construction in Process $1,572,000, Accounts Receivable $229,000, and Billings on Construction in Process $953,000.
Indicate how these accounts would be reported in Crane's December 31,2025, balance sheet. (List assets in order of liquidity.)
CRANE, INC. Balance Sheet
December 31,2025
Current Assets
Accounts Receivable
$
Billings on Construction in Process
Crane, Inc. began work on a $ 7 , 4 4 6 , 0 0 0

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