Cullumber Construction Company had a contract starting April 2021, to construct a $22900000 building that is expected to be completed in September 2023, at an estimated cost of $20900000. At the end of 2021, the costs to date were $7315000 and the estimated total costs to complete had not changed. The progress billings during 2021 were $3700000 and the cash collected during 2021 was 3090000. Cullumber uses the percentage-of-completion method.

At December 31, 2021 Cullumber would report Construction in Process in the amount of

A. $700000.

B. $3615000.

C. $8015000.

D. $7315000.