A.) $100,000

B.) $500,000

C.) $60,000

D.) $75,000

Rice Corp. recognizes revenue over time to account for long-term contracts and has the following information for the first year of the contract: Contract price $500,000 Total expected costs on contract 400,000 Costs incurred in current year 60,000 Costs incurred in previous years What is the amount of revenue recognized in year 1