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 $12,000 to Dowell. Dowell believes that, if Five Flags cancelled the contract, Dowell could 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