B&B Contractors began a contract to build a new student union on the UT Dallas's University campus during Year 1 for $1,600,000. Information concerning the project follows: Year 1 Year 2 Year 3 35% 25% 40% Percentage of work completed Costs incurred during the year Progress billings during the year Cash collected during the year $489,000 180,000 $280,000 390,000 370,000 $331,000 420,000 470,000 150,000 At the end of Year 1, how much is the balance of the assets account Production-in-Progress if B&B uses the Revenue Recognition Over Time approach? A. $124,000 B. $104,000 C. $50,000 D. $489,000