ABC Inc. was contracted to construct a building for $1,700,000. This project is expected to take 3 years and will be accounted for using the % of completion method. In Year 1, the following information was available: Construction costs incurred, Year 1: $468,000 Estimated total costs of project: $1,300,000 Progress billings, Year 1: $400,000 Collections from customer, Year 1: $350,000 What would be reported as a contract asset (liability) at the end of Year 1? Do not round your intermediate calculations. a) ($68,000) b) $212,000 c) $49,990 d) $50,000