28) Cooper Construction Company had a contract starting April 2024, to construct a $24,000,000 building that us expected to be completed in September 2026, at an estimated cost of $22,000,000. At the end 2024, the cost to date were $10,120,000 and the estimated total costs to complete had not changed. The progress billing during 2024 were $4,800,000 and the cash collected during 2024 3,200,000. Cooper uses the percentage-of-completion method.

At December 31, 2024 Cooper would report Construction in Process in the amount of

A) $9,440,000

B) $11,040,000

C) $10,120,000

D) $920,000 INCORRECT