Flounder, inc. began work on a $7,583,000 contract in 2017 to construct an office building. flounder uses the completed-contract method. at december 31, 2017, the balances in certain accounts were construction in process $1,577,000, accounts receivable $230,000, and billings on construction in process $937,000. indicate how these accounts would be reported in flounder’s december 31, 2017, balance sheet.