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 $2,2024.$

At December $31,2024,$ Seasons estimates that it is $30\%$ complete with the construction, based on costs incurred. What is the total amount of Revenue from Long$-$Term Contracts recognized for $2024$ and what is the balance in the Accounts Receivable account assuming Cannon has not yet made its last quarterly payment?

Revenue Accounts Receivable

a$.$ $$6,200,000$ $$6,200,000$

b$.$ $$5,325,000$ $$1,550,000$

c$.$ $$5,580,000$ $$1,550,000$

d$.$ $$5,325,000$ $$6,200,000$