Business, 12.07.2019 04:20 wwesuplexcity28

Gupta industries received a $380,000 prepayment from packard associates for the sale of new equipment. gupta will bill packard an additional $108,000 upon delivery of the equipment. upon receipt of the $380,000 prepayment, how much should gupta recognize for a contract asset, a contract liability, and accounts receivable? a) contract asset $380,000, contract liability: $0, accounts receivable, $108,000. b) contract asset: $0: contract liability: $380,000, accounts receivable, $108,000 c) contract asset: $380,000, contract liability: $0, accounts receivable, $0. d) contract asset: $0, contract liability: $380,000, accounts receivable, $0.

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