The Simpson Construction Company recognizes revenue over time according to percentage of completion for its long-term construction contracts. In 2016, Simpson began work on a construction contract. Information on this contract at the end of 2016 is as follows: What is the contract price (total revenue) on this contract?

A) $7,000,000
B) $8,750,000
C) $7,500,000
D) $9,000,000

Ans: B) $8,750,000