The Leto Construction Company began work on a $12,000 contract on 1/1/20. Planned completion was in 2022. The Percentage-of Completion method is used. Given the following: 2020 December 31 2021 2022 Costs incurred to date $2,500 $4,200 $11,550 Estimated costs to complete 7,500 6,300 0 Billings to date 4,000 5,100 12,000 Collections to date 3,800 5,000 11,900 The 12/31/20 balance of Construction Progress is: Select one: a. $3,000 O b. $3,166 O c. $3,625 O d. $4,500 O e. $2,500