O'Neil, Inc. began work on a $7,044,000 contract in 2012 to construct an office building. O'Neil uses the percentage-of-completion method. At December 31, 2012, the balances in certain accounts were: construction in process $2,511,600; accounts receivable $241,300; and billings on construction in process $1,472,600. Indicate how these accounts would be reported in O'Neil' December 31, 2012, balance sheet.