Gupta industries received a $300,000 prepayment from packard associates for the sale of new equipment. gupta will bill packard an additional $100,000 upon delivery of the equipment. upon receipt of the $300,000 prepayment, how much should holt recognize for a contract asset, a contract liability, and accounts receivable? a. contract asset: $0; contract liability: $300,000, accounts receivable, $0.b. contract asset: $300,000; contract liability: $0, accounts receivable, $0.c. contract asset: $0; contract liability: $300,000, accounts receivable, $100,000.d. contract asset: $300,000; contract liability: $0, accounts receivable, $100,000.