For the next five questions (questions 36-40), consider the following information:

Accounts receivable, 12/31/2018 (from construction progress billings)$37.5Actual construction costs incurred in 2018$135Cash collected on project during 2018$105Construction in progress, 12/31/2018 $207Estimated percentage of completion during 2018 60%

In 2018, Cupid Construction Co. (CCC) began work on a two-year fixed price contract project. CCC recognizes revenue over time according to percentage of completion for this contract, and provides the following information (dollars in millions):What is the amount of gross profit on the project recognized by CCC during 2018?

a.$160 million

b.$48 million

c.$72 million

d.Cannot be determined from the given information.