Multiple Choice Question 103 Ivanhoe Construction is constructing an office building under contract for Cannon Company and uses the percentage-of-completion method. The contract calls for progress billings and payments of $1650000 each quarter. The total contract price is $19800000 and Ivanhoe estimates total costs of $17850000. Ivanhoe estimates that the building will take 3 years to complete, and commences construction on January 2, 2018. At December 31, 2019, Ivanhoe Construction estimates that it is 75% complete with the building; however, the estimate of total costs to be incurred has risen to $18100000 due to unanticipated price increases. Ivanhoe Construction completes the remaining 25% of the building construction on December 3 202. as scheduled At that time the total costs of construction are $18850000. What is the total amount of Revenue from Long-Term Contracts and Construction Expenses that Ivanhoe will recognize for the year ended December 31, 2020? $49500005 $4712500 4712500 $19800000 18850000 $4950000 4712500 $5275000