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7. On Jan 1, 2021. Tuesday Construction Co. enters into contract to construct a building for a customer Tuesda identifies its performance obligation to be satisfied over Tuesday uses the input method based on costs to measure progress on the contract. The contract price is on Intormation on the construction is provided below: 2011 20x2 2014 Contract costs incurred per year 3.120,000 3.810,000 810 Billings per year 4,000,000 3,000,000 2.000.00 Estimated costs to complete 4.680.000 770.000 All billings in a year were collected also in that year WE amounts are presented in Tuesday's Dec. 31, 20x2 statement d financial position under traditional accounting and PERS respectively? Gross amount due from (due to) cust. Contract asset (liability) a. 600,000 600,000 b. (600,000) (600,000) C. (1,100,000) (1,100,000) d. 1,100,000 1,100,000