16. Camey Construction Camey Construction enters into a long- term fixed price contract to build an office building for $5,000,000. In the first year of the contract Camey incurs $1,500,000 of cost and the engineers determined that the remaining costs to complete are $2,500,000. Camey billed $2,000,000 and collected $1,000,000 in year 1 Refer to Camey Construction. How much should Camey recognize as Accounts Receivable at the end of Year 1 assuming the use of the percentage- of-completion method? O A. $500,000 B. $2,000,000 c. $1,000,000 XD. $1,500,000 YOU ANSWERED: D