Empresas Corona began operations in 2020. Information on the construction contracts as of 12/31/2020 is presented below. The company uses the completed contract method. Anticipated losses on the project are recorded in the construction in progress account. Contract Number 101 102 103 Contract Price $ 640,000 $ 720,000 $ 660,000 Turnover until 12/31/20 630,000 300,000 380,000 Collections until 12/31/20 520,000 200,000 360,000 Construction Costs until 12/31/20 430,000 164,000 450,000 Estimated Costs to Complete 0 376,000 240,000 What is the effect of CONTRACT # 102 on 2020 net income? a. An increase of $ 556,000. b. An increase of $ 180,000. c. A reduction of $ 164,000. d. None because it only affects the year the contract is terminated.