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Gupta Industries received a $200,000 prepayment from Packard Associates for the sale of new equipment. Gupta will bill Packard an additional $120,000 upon delivery of

Gupta Industries received a $200,000 prepayment from Packard Associates for the sale of new equipment. Gupta will bill Packard an additional $120,000 upon delivery of the equipment. Upon receipt of the $200,000 prepayment, how much should Gupta recognize for a contract asset, a contract liability, and accounts receivable?

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