A company used the percentage-of-completion method of accounting for a 4-year construction contract. Which of the following items is needed to make the calculation of income recognized in the second year? Select one: a. Collections on Progress Billings, but not Income Previously Recognized O b. Income Previously Recognized, but not Collections on Progress Billings C. Both Collections on Progress Billings and Income Previously Recognized d. Neither Collections on Progress Billings nor Income Previously Recognized Clear my choice