16. On January 1, 2018, Ledge Road Construction Co, Inc. entered into a contract to build a highway extension for the State of Florida. As of December 31, 2018, the following information is available for this contract: Contract Price $10,000,000 Anticipated Total Costs $8,000,000 Costs incurred during 2018 $1,000,000 Under the completed contract method for accounting for long-term contracts, how much will the company record as revenue in 2018? a. $8,000,000 b. $2,000,000 C. $1,000,000 d. $0 17. Using the same information as in Question 16, under the percentage of completion method for accounting for long-term contracts, how much will the company record as revenue in 2018? a. $1,000,000 b. $250,000 C. $2,000,000