es le mpus At the beginning of 2020, Metropolitan Co. received a contract to build an apartment complex for $12 million. The project is estimated to take three years to complete. According to the contract, Metropolitan Co. will bill the buyer in installments over the construction period according to a prearranged schedule. Revenue is recognized over time. Information related to the contract is as follows: 2020 2021 2022 Actual costs incurred during the year $3,000,000 $5,700,000 $2,800,000 Estimated costs to complete at end of year 7,000,000 2,900,000 0 Billings made during the year 4,800,000 3,000,000 4,200,000 Cash collections during the year 3,600,000 2,800,000 5,600,000 On the balance sheet, the CIP account is offset against the "billings on construction contract" account. At the end of 2021, the balance sheet presentation of the two accounts is: < CIP Billings, shown as an asset. CIP Billings, shown as a liability. CIP Billings, shown as a liability