Looking for help to breakdown answers for 20 and 21. (21 is d) thanks!

C. $900,000 and $450,000. d. $0 and $1,350,000 Ans: C Use the following information for questions 20 and21. In 2015, Fargo Corporation began construction work under a three-year contract. The contract price is $4,800,000. Fargo uses the percentage of completion method for financial accounting purposes. The income to be recognized each year is based on the proportion of costs incurred to total estimated costs for completing the contract. The financial statement presentations relating tothis contract at December 31, 2015, follow: Balance Sheet $200,000 Accounts receivable-construction contract billings Construction in progress $600,000 Less contract billings 480,000 Costs and recognized profit in excess of billings 120,000 Income Statement Income (before tax) on the contract recognized in 2015 $120,000 *20. How much cash was collected in 2015 on this contract? a. $200,000 b. $280,000 C. $40,000 d. $480,000 Ans: B *21. What was the initial estimated total income before tax on this contract? a. $600,000 b. $640,000 C. $800,000 d. $960,000