Casio Co. recognizes construction revenue and expenses using the percentage-of-completion method. During 2021, a single long-term project was begun, which continued through 2023. Information on the project follows: 2021 2022 12/31 Accounts Receivable balance $100,000 $300,000 Construction expenses for year 105,000 122,000 12/31 CIP balance 142,000 394,000 Billings during year 100,000 420,000 Profit recognized from the long-term construction contract in 2022 was: Select one: a $108,000 b. $130,000 c. $120,000 d. $272,000 e. $37,000