State Co. recognizes construction revenue and expenses from long-term contracts over the period its construction obligation is satisfied. State measures progress on the contract using the percentage of completion method. During Year 1, a long-term project was begun; it continued through Year 2. Information on the project follows:

	Year 1	Year 2
Accounts receivable from construction contract	$100,000	$300,000
Construction in progress	122,000	364,000
Construction expenses per period	105,000	192,000

Profit recognized from the long-term construction contract in Year 2 should be

Group of answer choices

$17,000

$50,000

$64,000

$67,000