Eilert Construction Company had a contract starting April 2021, to construct a $42,000,000 building that is expected to be completed in September 2022, at an estimated cost of $38,500,000. At the end of 2021, the costs to date were $17,710,000 and the estimated total costs to complete had not changed. The progress billings during 2021 were $8,400,000 and the cash collected during 2021 was $5,600,000. Eilert uses the percentage-of-completion method. At December 31, 2021, Eilert would report Construction in Process in the amount of:.
a. $0.
b. $1,475,833.
c. $1,610,000.
d. $1,890,000.