Johann Builders has a fixed-price contract providing $120,000 of revenue. Construction on the contract was begun in 2013 and was completed in 2014. Information relating to the contract is as follows: 19. 2013 2014 S 40,000 S 105,000 Cumulative cost incurred to the end of the year Expected costs to complete Billings to the end of the year Collections to the end of the year 60,000 120,000 8,000 46,000 120,000 What amount of income should Johann recognize in 2014 assuming that the company appropriately uses the percentage-of-completion method of income recognition? a. $7,000 b. $9,286 e. $17,000 d. $15,000 20 An analysis and aging of accounts receivable of the Gibson Company at December 31, 2014, showed the following: Allowance for Doubt ful Accounts (before adjustment) 36,000 (cr) 76,800 Compute the et realizable valuc of the accounts receivable of Gibson Company at December 31,2014, a $7232 $804,000 $799,200 $727.200