As of December 31, 2021, Cady Construction has one construction job for which the construction in progress (CIP) account has a balance of $5,000 and the billings on construction contract account has a balance of $3,000. Cady has another construction job for which the construction in progress account has a balance of $12,000 and the billings on construction contract account has a balance of $16,000. Indicate the amount of contract asset and/or contract liability that Cady would show in its December 31, 2021, balance sheet. Job CIP Billings Contract Asset or Contract Liability? Amount Job 1 $ 5,000 $ 3.000 Job 2 $ 12,000 $ 16,000