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Bonita, Inc. began work on a $6,344,000 contract in 2020 to construct an office building. Bonita uses the completed-contract method. At December 31, 2020, the
Bonita, Inc. began work on a $6,344,000 contract in 2020 to construct an office building. Bonita uses the completed-contract method. At December 31, 2020, the balances in certain accounts were Construction in Process $1,667,000, Accounts Receivable $247,000, and Bilings on Construction in Process $911,000. Indicate how these accounts would be reported in Bonita's December 31, 2020, balance sheet. (List assets in order of liquidity.)
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