What is the step by step process for solving this problem?

Brief Exercise 6-32 Brief Exercise 6-32 (Static) Contract assets and contract liabilities [LO6-8, 6-9] As of December 31, 2021, Cady Construction has one construction job for which the construction in progress (CIP) account has a balance of $20,000 and the billings on construction contract account has a balance of $14,000. Cady has another construction job for which the construction in progress account has a balance of $3,000 and the billings on construction contract account has a balance of $5,000. Indicate the amount of contract asset and/or contract liability that Cady would show in its December 31,2021 , balance sheet