WW Guy Contractors began a contract to build a new student union on the UNF campus during Year 1 for $455,000. Information concerning the project follows:

	Year 1	Year 2	Year 3
Percentage of work completed	25%	35%	40%
Costs incurred during the year	$86,000	$124,000	$ 90,000
Progress billings during the year	80,000	180,000	190,000
Cash collected during the year	65,000	170,000	220,000

How much is the balance of the Unbilled Accounts Receivable account at the end of Year 1 if WW Guy uses the percentage of completion method?

$15,000

$33,750

$38,750

$375,000