Brief Exercise 6-32 (Algo) Contract assets and contract liabilities (LO6-8, 6-9] As of December 31, 2021, Cady Construction has one construction job for which the construction in progress (CIP) account has a balance of $25,000 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 $7,000 and the billings on construction contract account has a balance of $10,000. Indicate the amount of contract asset and/or contract liability that Cady would show in its December 31, 2021, balance sheet. Job 11 Job 2 Job $ CIP Billings Contract Asset or Contract Liability? Amount 25,000 $ 14,000 7,000 $ 10,000