The January 1, 2006 status of long-term construction project No. 6 follows. Assume the completed contract method. Costs incurred to date = $20,000 Contract price = $80,000 Estimated remaining cost to complete = $40,000 On December 31, 2006, the estimated remaining cost to complete was still $40,000, and $25,000 of cost had been incurred during 2006. What is the January 1, 2007 balance of Construction-in-Process? Multiple Choice $50,000 O $40,000 O $45,000 O $30,000