The Arrakis Construction Company began work on a $5,000 contract on 1/1/23. Planned completion was in 2025. The Percentage-of Completion method is used. Costs incurred to date Estimated costs to complete Billings to date Collections to date 2023 $1,600 2,400 2,000 1,800 December 31 2024 $3,000 1,800 3,100 3,000 2025 $4,550 0 5,000 4,900 The 12/31/24 balance of Construction in Progress is: Select one: O a. $2,000 O b. $3,000 O c. $3,400 d. $3,125 O e. $3,525