adland, Inc. began work on a $7,215,000 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 $1,813,000, Accounts Receivable $261,000, and Billings on Construction in Process $1,001,000. Indicate how these accounts would be reported in Headlands December 31, 2020, balance sheet.

Headland, Inc. began work on a $7,215,000 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 $1,813.000, Accounts Receivable $261,000, and Billings on Construction in Process $1,001,000. Indicate how these accounts would be reported in Headland's December 31, 2020, balance sheet. (List assets in order of liquidity.) Headland, Inc. Balance Sheet