As of December 31, 2016, Cady Construction has one construction job for which the construction in progress

(CIP) account has a balance of $20,000 and the billings on construction contract account has a balance of

$14,000. Cady has another construction job for which the construction in progress account has a balance of

$3,000 and the billings on construction contract account has a balance of $5,000. Indicate the amount of contract

asset and/or contract liability that Cady would show in its December 31, 2016, balance sheet.