Larson Construction, Inc. has consistently used the percentage-of-completion method of recognizing income. During 2004, Larson started work on a $3,000,000 fixed price construction contract. the accounting records disclosed the following data for the year ended December 31, 2004: Cost incurred $930,000 Estimated remaining costs to complete $2,170,000 Progress billing $1,100,000 Collections $700,000 How much loss should Larson have recognized in 2004? a. $0 b. $70,000 c.$100,000 d. $230,000