Question 14 Not yet answered The Leto Construction Company began work on a $12,000 contract on 1/1/15. Planned completion was in 2017 The Percentage-of Completion method is used. Points out of 3.00 Given the following Flag question December 31 2016 2015 2017 $11,550 $2,500 $4,200 Costs incurred to date Estimated costs to complete Billings to date Collections to date 7,500 4,000 3,800 6,300 5,100 5,000 12,000 11,900 The 2016 Gross Profit recognized is Select one O a. $100 O b. $600 O c. $340 d. $800 O e $1,500