Upton Company Has Consistently Used the Percentage-Of-Completion Method of Recognizing

Multiple Choice

Upton Company has consistently used the percentage-of-completion method of recognizing income.In 2010,Upton started on an $18,000,000 construction contract that was completed in 2012.The following information was taken from Upton's 2010 accounting records:
$\begin{array}{l}\begin{array}{lll} \text { Progress billing}\\ \text { Costs incurred}\\ \text { Collections}\\ \text { Estimated costs to complete}\\\end{array}\begin{array}{lll} \$ 6,600,000 \\ \$ 5,400,000 \\ \$ 4,200,000 \\ \$ 10,800,000 \\\end{array}\end{array}$
What amount of revenue should Upton recognize on the contract in 2010?

A) $6,000,000
B) $5,400,000
C) $9,000,000
D) $0