Casio Co. recognizes construction revenue and expenses using the percentage-of-completion method. During 2022, a single long-term project was begun, which continued through 2024. Information on the project follows: 2022 2023 12/31 Accounts Receivable balance $100,000 $300,000 Construction expenses for year 12/31 CIP balance Billings during year 105,000 192,000 122,000 364,000 100,000 420,000 Profit recognized from the long-term construction contract in 2023 was: Select one: O a. $50,000 O b. $108,000 Oc. $120,000 O d. $155,000 O e. $67,000