Shadow Blasters, Inc. began work on a $7,000,000 contract in 2008 to construct an office build- ing. Shadow Blasters uses the percentage-of-completion method. At December 31, 2008, the balances in certain accounts were: construction in process $2,450,000; accounts receivable $240,000; and billings on construction in process $1,200,000. Indicate how these accounts would be reported in Shadow Blasters' December 31, 2008, balance sheet.