Allied Construction Company has signed a three-year contract to construct an apartment complex for $64 million. The expected costs for each year follow (in millions):
2011……………………. $ 7.2
2012……………………. 20.1
2013……………………. 18.7
Total…………………….$46.0
The apartment complex will be completed in 2013.
Required:
Calculate the total revenue, expense, and profit for each year using the percentage of completion method.