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 105,000 162,000 122,000 394,000 100,000 420,000 Profit recognized from the long-term construction contract in 2023 was: Select one: a. $120,000 b. $138,000 c. $110,000 d. $232,000 e. $17,000