Cordero, Inc. began work on a $7,000,000 contract in 2008 to construct an office building. Cordero uses the completed-contract method. At December 31, 2008, the balances in certain accounts were construction in process $1,715,000; accounts receivable $240,000; and billings on construction in process $1,200,000. Indicate how these accounts would be reported in Cordero's December 31, 2008, balance sheet.