On January 1, 2016, a firm entered a five-year construction contract with a contract price of $10,000,000. On December 31, 2016, the firm estimated the Gross Profit (Loss) for the contract to be $1,000,000 profit. On December 31, 2017, the firm estimated the Gross Profit (Loss) for the contract to be ($400,000) loss. Under the Completed Contract Method, the journal entry to record Gross Profit (Loss) should include:

a.

A debit to CIP of $1,000,000.

b.

No Entry.

c.

A credit to CIP of $1,400,000.

d.

A credit to CIP of $400,000.