Dowell Manufacturing contracts to produce bumper cars for Five Flags Parks. Under the terms of the contract, Five Flags will pay Dowell a total of $60,000 when bumper cars are delivered six months later, and Five Flags can cancel the contract but must pay Dowell for work completed. Dowell believes that, if Five Flags cancelled the contract, Dowell could not sell the bumper cars to another park. As of December 31, 2020, the job is 80% complete. How much revenue should Dowell recognize in 2020 for this contract?

a. $0

b. $12,000

c. $30,000

d. $48,000

e. $60,000