POC Company accounts for a long-term construction contract using the percentage-of-completion method. As of the end of the current fiscal year, the following information was available regarding a project expected to be completed in the following year:

Cumulative progress billings	$400,000
Cumulative costs incurred	300,000
Cumulative gross profit recognized	80,000

The difference between construction in progress and progress billings should be reported in the statement of financial position for the current year as