During $2023,$ Cherry Corp. started a construction job with a total contract price of $$1,050,000.$ Cherry has used zero$-$profit method. The job was completed on December $15,2024.$ Additional data are as follows:

$20232024$

Actual costs incurred $$405,000$ $$457,500$

Estimated remaining costs $405,0000$

Billings to date $360,000690,000$

Collections to date $200,000480,000$

For $2023,$ what amount should Cherry recognize as gross profit?

Question $37$ Select one:

a$.$

$$120,000$

b$.$

$$187,500$

c$.$

$$120,000$

d$.$

$$0$