The Leto Construction Company began work on a $12,000 contract on 1/1/15. Planned completion was in 2017. The Percentage-of Completion method is used.

.......................................................................2015.................2016................2017......

costs incurred to date................................$2,500...............4,200................11,550....

estimated costs to complete......................$7500...............6300................0...........

billing to date...............................................$4000................5100................12,000....

collection to date........................................3800..................5000................11900....

The 12/31/15 balance of Construction Progress is:

Select one:

a. $3,000

b. $3,166

c. $3,625

d. $4,500

e. $2,500