Semen Manufacturing agrees to manufacture bumper cars for Aces Amusement Parks. Under the terms of the contract, Aces will pay Semen a total of $60,000, and Aces can cancel the contract if it so chooses but must pay Semen for work completed. Semen believes that, if Aces cancelled the contract, Semen t could sell the bumper cars to another amusement park and still make a profit. The manufacturing contract is expected to last six months, and as of December 31, 2021, the job is 80% complete. How much revenue should Semen t recognize in 2021 for this contract?

A) $60,000 B) $12,000 C) $48,000 D) $0