Sunfish Construction Company uses the percentage-of-completion method of accounting. In 2014, Sunfish began work on a project which had a contract price of $1,600,000 and estimated costs of

$1,200,000. Additional information is as follows:

	2014	2015
Costs incurred during the year ............	$240,000	$1,060,000
Estimated costs to complete, as of	960,000
12/31/14 ................................
Billings during the year ..................	290,000	1,310,000
Collections during the year ...............	250,000	1,200,000

The amount of gross profit Sunfish should recognize on this contract during 2014 is

a.	$40,000.
b.	$80,000.
c.	$100,000.
d.	$200,000.