Construction Company contracted on January 1, 2016 to build a new apartment building tor Charleigh Properties. The construction is expected to take three years and cost $5,000,000 The contract price is $8,000,000. The tollowing is a summary of the of the costs,billings and cash receipts each year To Date 2016 2017 4,400,000 1,000,000 4,000,000 3,000,000 2,000.000 Estimated Cost to Complete3,000,000 2018 5,500,000 Bilings During Year 2,000,000 Cash Collections During Year 1,000,000 2,000,000 4,000,000 20) Assume everything goes as planned. The amount to be added to the Construction in Progress account to record the construction costs for 2017 (the second year) would be: A) $ 2,000,000 B) $2,400,000 C) $ 3,000,000 D) $6,400,000 E) $ 1,200,000 21) Still on the Kylie Problem, the amount to be added to the Construction In Progress account to recognize the profit for 2016, the first year, would be A) $2,000,000 B) $2,400,000 C) $3,000,000 D) $6,400,000 E) $ 1,200,000 22) Still on the Kylie Problem, the amount to be added to the Construction In Progress account t recognize the profit for 2017, the second year, would be approximately A) $2,118,480 B) $2,000,000 C) $ 918,480 D) $2,600,000 E) none of these