eston 11 In accounting for long-term construction-type contracts, gross profit recognized under the percentage-of-completion method is recorded in: ot yet swered ints out of 0 Flag question Select one: O a. Deferred Gross Profit O b. Construction in Progress O c. Billings O d. Accounts Receivable O e. Revenue estion 12 ot yet swered Casio Co. recognizes construction revenue and expenses using the percentage-of-completion method. During 2022, a single long-term project was begun, which continued through 2024. Information on the project follows: ints out of 00 Flag question 2022 2023 12/31 Accounts Receivable balance $100,000 $300,000 Construction expenses for year 105,000 192,000 12/31 CIP balance 122,000 420,000 Billings during year 100,000 364,000 Profit recognized from the long-term construction contract in 2023 was Select one: O a $50,000 O b. $211,000 O c $123,000 O d. $ 106,000 Oe. $64,000