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Indicate how the following item is reported in the financial statements of a company: The balance of $500,000 in a billings account, which is less

image text in transcribed Indicate how the following item is reported in the financial statements of a company: The balance of $500,000 in a billings account, which is less than $600,000 in a construction in process account. x recognized as a current asset. $ recognized as a current liability

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