Bangkok Company accounts for a long term construction contract using the percentage of completion method. At the end of the current fiscal year, the following information was available for one of its contracts expected to be completed in the next fiscal year. BANGKOK COMPANY INFORMATION RELATING TO LONG TERM CONSTRUCTION CONTRACTS FOR CURRENT FISCAL YEAR Progress billings to date Costs incurred to date Revenues recognized to date 500,000 350,000 100,000 The difference between the construction in progress and the billings on the contract to date should be reported on the balance sheet for the current year as: O a. A current asset of $50,000. O b. Unearned revenue of $150,000. O c. A contra equity account of $150,000. O d. A current liability of $50,000