Seasons 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 $1,550,000 each quarter. The total contract price is $18,600,000 and Seasons estimates total costs of $17,750,000. Seasons estimates that the building will take 3 years to complete, and commences construction on January 2, 2018. At December 31, 2018, Seasons estimates that it is 35% complete with the construction, based on costs incurred. 6. Instructions (a) Calculate the total amount of Gross Profit from Long-Term Contracts recognized for 2018? (2 points) (b) Calculate the balance in the Accounts Receivable account at December 31, 2018; assuming Cannon Company has not yet made its last quarterly payment? (2 points)