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Indicate how these accounts would be reported

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Question - Headland, Inc. began work on a $6,742,000 contract in 2020 to construct an office building. Headland uses the completed-contract method. At December 31, 2020, the balances in certain accounts were Construction in Process $1,802,000, Accounts Receivable $224,000, and Billings on Construction in Process $1,030,000. Indicate how these accounts would be reported in Headland's December 31, 2020, balance sheet.

Reference no: EM133154912

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