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Under the percentage - of - completion method, how should earned but unbilled revenues on a long - term contract be disclosed on the statement

Under the percentage-of-completion method, how should earned but unbilled revenues on a long-term contract be disclosed on the statement of financial position?
in a note to the financial statements until the customer is formally billed for the portion of work completed
as contract asset/liability in the current asset section
as contract asset/liability in the noncurrent asset section
as a receivable in the noncurrent asset section

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