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)	$	37.5
Actual construction costs incurred in 2021	$	135
Cash collected on project during 2021	$	105
Construction in progress, 12/31/2021	$	207
Estimated percentage of completion during 2021		60%

What is the amount of gross profit on the project recognized by CCC during 2021?

a. $160 million.

b. $72 million.

c. $48 million.

d. $15 million.