Question: In 2024, Ayca Construction began construction work under a four-year contract. The contract price is $2,000,000. Ayca recognizes revenue according to completed contract method. The

In 2024, Ayca Construction began construction work under a four-year contract. The contract price is $2,000,000. Ayca recognizes revenue according to completed contract method. The balance sheet shows the following accounts at the end of 2024: A/R of $40,000, Construction in Progress of $200,000, Less: Billings on Construction Contract of $220,000. The balance sheet shows the following accounts at the end of 2025: A/R of $50,000, Construction in Progress of $600,000, Less: Billings on Construction Contract of $580,000. How much cash did Ayca collect in 2025? Group of answer choices 220,000 350,000 530,000 None of the answers is correct 180,000

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