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Indicate how the following item is reported in the financial statements of a company: The balance of $ 3 5 0 , 0 0 0

Indicate how the following item is reported in the financial statements of a company:
The balance of $350,000 in a billings account, which is less than $420,000 in a construction in process account.
$
recognized as a current asset.
$
recognized as a current liability.
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