In 2021, 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): Accounts receivable, 12/31/2021 (from construction progress billings) Actual construction costs incurred in 2021 Cash collected on project during 2021 Construction in progress, 12/31/2021 Estimated percentage of completion during 2021 What are CCC's estimated remaining construction costs on the project at the end of 2021? $125 million $135 million $145 million $90 million $37.5 $125 $ 105 $207 50 % Which of the following statements is false? Revenue is not recognized under the realization principle unless the earnings process is complete or virtually complete and there is reasonable certainty about the expected collection of the asset received. "Determine whether it is probable the seller will collect the consideration it is entitled to receive" is one of the five steps to applying the core revenue recognition principle Under U.S. GAAP, if a license gives a customer access to symbolic intellectual property, revenue always should be recognized over time. Revenue should be recognized over time for the construction of an annex to a building that the customer owns, even if the seller will not receive payment until the annex is completed