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Illini Developers constructed a new subdivision during 2020 and 2021 under contract with the City...

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Illini Developers constructed a new subdivision during 2020 and 2021 under contract with the City of Champaign. Relevant data are summarized below: Contract amount Costs by year Est costs to complete at year-end: 2020 2021 2020 2021 2020 2021 $ 3,000,000 1,200,000 600,000 800,000 0 1,500,000 1,500,000 Contract billings: lini recognizes revenue upon contract completion. What amount would Illini recognize in revenue for 2021? A $1,500,000 B. $1,800,000 C. $3.000.000 D. None of the answers is correct. E. $1,200,000

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