Albert Construction Company had a contract starting April 2018, to construct a $42,000,000 building that is expected to be completed September 2019, at an estimated cost of 38,500,000. At the end of 2018, the cost to date were $17,710,000 and the estimated cost to complete had not changed. The progress billings during 2018 were $8,400,000 and the cash collected during 2018 was $5,600,000/ Albert uses the percentage-of-completion method.

At December 31, 2018, Albert would report Construction in Process in the amount of ?

a) 19,320,000

b) 17,710,000

c) 16,520,000

d) 1,610,000