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?
a. progress billings as deferred income, construction in progress as a deferred expense
b. progress billings as income, construction in progress as inventory
c. net, as a current asset if debit balance, and current liability if credit balance
d. net, as income from construction if credit balance, and loss from construction if debit balance
- c. net, as a current asset if debit balance, and current liability if
- credit balance