n $2024,$ Cupid Construction Company $($CCC$)$ began work on a two$-$year fixed price contract project. CCC recognizes revenue over time according to percentage of completion for this contract, and provides the following information $($dollars in millions$)$:

Accounts receivable, $12/31/2024($from construction progress billings$)$$ $37\mathrm{.}5$Actual construction costs incurred in $2024$$ $135$Cash collected on project during $2024$$ $105$Construction in progress, $12/31/2024$$ $207$Estimated percentage of completion during $202460\%$

What is the amount of gross profit on the project recognized by CCC during $2024?$

Multiple Choice

$$72$ million

Cannot be determined from the given information

$$160$ million

$$48$ million

In $2024,$ Cupid Construction Company $($CCC$)$ began work on a two$-$year fixed price contract project. CCC recognizes revenue over time according to percentage of completion for this contract, and provides the

following information $($dollars in millions$)$:

What is the amount of gross profit on the project recognized by CCC during $2024?$

Multiple Choice

$$72$ million

Cannot be determined from the given information

$$160$ million

$$48$ million