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How should the balances of Progress Billings and Construction in Process be shown at reporting...

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Accounting

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How should the balances of Progress Billings and Construction in Process be shown at reporting dates prior to the completion of a long-term contract? Net balance, as income from construction if credit balance, and loss from construction If debit balance Progress Billings as deferred income, Construction in Progress as a deferred expense. Net balance, as a current asset if debit balance, and current liability if credit balance. Progress Billings as income, Construction in Process as inventory

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