Blue Co. had the following first-year amounts related to its $12,000,000 construction contract: Actual costs incurred and paid Estimated remaining costs to complete Progress billings $3,000,000 6,000,000 3,500,000 Cash collected 3,100,000 Assuming the contract qualifies for revenue recognition over time, what total amount (excluding cash) should Blue Co. recognize as current assets at year end? Multiple Choice $3,000,000 $1,000,000 $0 $900,000