Gupta Industries received a $210,000 prepayment from Packard Associates for the sale of new equipment. Gupta will bill Packard an additional $119,000 upon delivery of the equipment. Upon receipt of the $210,000 prepayment, how much should Gupta recognize for a contract asset, a contract liability, and accounts receivable? Multiple Choice Contract asset: $0; contract liability: $210,000, accounts receivable, $0. Contract asset: $210,000; contract liability: $0, accounts receivable, $0. O Contract asset: $210,000; contract liability: $0, accounts receivable, $119,000. O Contract asset: $0; contract liability: $210,000, accounts receivable, $119,000