Haven Corp contracted to construct a building for $750,000. Construction began in 2020 and was completed in 2021. Data relating to the contract follow. Costs incurred during 2020: $300,000; Costs incurred during 2021: $230,000; Estimated costs to complete at the end of 2020: $200,000; Estimated costs to complete at the end of 2021: $0. Haven uses the percentage-of-completion method. For the calendar years 2020 and 2021, respectively, Haven should report gross profit of Question 12 options:

a) $ 0 and $ 220,000.

b) $ 135,000 and $ 85,000.

c) $ 150,000 and $ 70,000.

d) $ 450,000 and $ 300,000.