You have a contract with Progress Payments, prior to the 1ST payment request your Accounting Summary Record reflects: ACRN=AA OBLIGATION = $200,000 WIP = $0 ULO = $200,000. The 1st Progress Payment is made in the amount of $75,000. What should your Accounting Summary Record reflect now?

a. ACRN/OBLIGATION/WIP/ULO

b. AA/$200,000/$0/$125,000

c. AA/$200,000/$75,000/$200,000

d. AA/$200,000/$75,000/$125,000