13. Noah Construction Company is building a large complex for a contract price of $5,000,000. This is a three-year project estimated to cost $4,000,000 and the following information is available: ($ in 000) Cost incurred to date Year 1 Year 2 Year 3 1,000 2,500 3,750 1,500 0 750 1,750 2,500 Estimated completion costs 3,000 Billings Cash collected 500 1,500 3,000 Using the percentage-of-completion method of revenue recognition, how much income is recognized in Year 2? (4 Points) O $250,000 O $375,000 O $625,000 $3,125,000 14. International accounting rules are currently established by the (1 Point) QUASC