1. Summary data for Benedict Construction Co.'s (BCC) Job 1227, which was completed in 2021, are presented below: Bid price $ 450,000 (180,00 Contract cost: 2020 0 (195,00 2021 0 Gross profit: 75,000 ) Estimated cost to complete: 12/31/2020 $ 200,000 12/31/2021 0 Assuming BCC recognizes revenue over time according to percentage of completion for this contract, the gross profit recognized in 2021 would be (rounded to the nearest thousand): a) $6,000. b) $39,000. c) $42,000. d) $45,000