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In 2020, Solid Construction Co. (SCC) began work on a two-year fixed-price contract project. SCC uses the percentage-of-completion method to account for such projects and

In 2020, Solid Construction Co. (SCC) began work on a two-year fixed-price contract project. SCC uses the percentage-of-completion method to account for such projects and provides you with the following information (dollars in millions): Accounts receivable (from construction progress billings) $37.5, Actual construction costs incurred in 2020 $135, Cash collected on project during 2020 $105, Construction in progress, 12/31/2020 $207, Estimated percentage of completion during 2020 60%.

How much cash remains to be collected by SCC on the project? A. $70 million B. The answer can't be determined from the given information C. $240 million D. $202.5 million

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