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Give the following scenario, determine at what point or over what period of time, revenue will be recognized. On December 31, 2020. Zulu Sale co sold a special machine for $200,000 and collected $80,000 cash. The remainder plus to interest is payable December 31, 2021. Zulu will deliver the machine on January 5, 2021. The customer has an excellent credit rating Zulu should recognize revenue for the machinery when the cash is fully collected for the machinery on December 31, 2020. Zulu should recognize revenue for the machinery when the machine is delivered on January 5, 2021 Zulu should recognize revenue for the machinery when the terms of the sales agreement are determined on December 31, 2020 Zulu should not recognize any revenue for the machinery because this is not a valid contract Warren Construction Com has recognized revenue on long-term construction contracts over time. In 2017. Warren started work on a 56.000.000 construction contract, which was completed in 2018. The accounting records disclosed the following data: Cost incurred in 2017 and 2018 were 51.800.000 and 53.600.000, respectively. Estimated cost to complete the project in 2017 and 2018 were $3.600.000 and 50, respectively. How much gross profit should Warren have recognized in 2017 a. 5220.000 Ob. $300.000 O $200,000 d. 5400.000