A Company received advance payments from customers during 2010 in the amount of $240,000. At December 31, 2010, $20,000 of the work with respect to these advance payments is still incomplete. After the adjustments are recorded and posted at December 31, 2010, the balance in the Total Liabilities and Total Revenues with respect to these advance payments would be:
a) Total Liabilities: $20,000; Total Revenues: $240,000
b) Total Liabilities: $240,000; Total Revenues: $220,000
c) Total Liabilities: $20,000; Total Revenues: $220,000
d) Total Liabilities: $240,000; Total Revenues: $240,000