A contractor sends a progress billing report to a city requesting payment of $$20$ million for work done to date on a new fire station. The city retains $10$ percent of the payment to the contractor until the fire station is completed and construction is inspected and approved. Which account and amount is credited to record the progress billing in a Capital Projects Fund?

Select one:

a$.$

Construction contracts payable is credited for $$20$ million.

b$.$

Expenditures $-$ construction cost is credited for $$20$ million.

c$.$

Retainage payable is credited for $$18$ million.

d$.$

Construction contracts payable is credited for $$18$ million.