At December 31, 2014, Seasons estimates that it is 30% complete with the construction, based on costs incurred. What is the total amount of Revenue from Long-Term Contracts recognized for 2014 and what is the balance in the Accounts Receivable account assuming Cannon Company has not yet made its last quarterly payment?

Revenue/ Accounts Receivable

a. $4,960,000/ $4,960,000

b. $4,260,000/ $ 1,240,000

c. $4,464,000/ $ 1,240,000

d. $4,260,000 /$4,960,000