Casio Co. recognizes construction revenue and expenses using the percentage-of-completion method. During 2016, a single long-term project was begun, which continued through 2018. Information on the project follows:

2016 2017

12/31 accounts receivable: 100000 300000

Construction expenses for the year: 105000 192000

Gross profit recognized in year 122000 200000

Billings during the year 100000 420000

The 12/31/17 CIP Balance Is:

A. 50000

B. 322000

C. 619000

D. 106000

E. 392000

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