In year 1 , the Ace company signs a contract to build a road for the state of Maryland for $25 million. During year 1 . Ace spends $4 million and expects the job to require $16 million to finish. During year 2 , Ace spends an additional $7. The entry to record periodic income recognized in year 1 would include a a) Construction in progress (Debit) $1 b) Construction expense (Debit) $1 c) Construction expense (Credit). $1 d) Construction in progress (Credit), $1. e) Revenue from Long Term Contract (Credit) \$1