Arizona Desert Homes (ADH) began a construction project with a contract price of $150 M in Y1. The project is expected to be complete in Y3. During Y1, ADH incurred costs of $36 M. At the end of Y1, ADH estimates additional costs of $84 M to complete this project. For this project, ADH recognizes revenue over time according to the percentage of the project that has been completed. With respect to this contract ADH should: O a. Recognize a $9M gross profit on the project in Y1 O b. Recognize a $36M loss on the project in Y1 O c. Recognize a $6M loss on the project in Y1 O d. Recognize neither gross profit or loss on the project in Y1