Long Construction Company uses the percentage-of-completion method of accounting for long-term construction contracts. During 2021, Long began work on a $400 million fixed-fee construction contract, which was completed in 2024. Cost incurred and estimated costs to complete at year-end for the life of the contract are as follows ($ in millions):

	Cost Incurred	Estimated Costs to Complete as of December 31
2021	$60	$240
2022	$84	$176

For the year 2022, Long should have recognized gross profit on this contract of:

		a.$20 million.
		b.$18 million.
		c.$16 million.
		d.$14 million.