Oriole 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 $1700000 each quarter. The total contract price is $18762000 and Oriole estimates total costs of $17900000. Oriole estimates that the building will take 3 years to complete, and commences construction on January 2, 2018. At December 31, 2018, Oriole estimates that it is 20% complete with the construction, based on costs incurred. What is the total amount of Revenue from Long-Term Contracts recognized for 2018 and what is the balance in the Accounts Receivable account assuming Cannon Company has not yet made its last quarterly payment? Revenue Accounts Receivable $6254000 $6254000 $3580000 $1700000 $3752400 $1700000 $3580000 $6254000 Ivanhoe, Inc. began work in 2018 on contract #3814, which provided for a contract price of $19650000. Other details follow: 2019 $9980000 Costs incurred during the year Estimated costs to complete, as of December 31 Billings during the year Collections during the year 2018 $3320000 9780000 3700000 2500000 15000000 16200000 Assume that Ivanhoe uses the completed-contract method of accounting. The portion of the total gross profit to be recognized as income in 2019 is O $6350000. $2500000. $19650000. O $3700000