Pickle Construction Division

The Pickle construction division was working on one project for the 2012 fiscal year. They use the percentage of completion revenue recognition method.

Contract for new administration building

Total Contract Amount ..................................................$60,000,000

Contract Grant Date .........................................................14-Aug-12

Construction Began .............................................................1-Sep-12

Estimated Cost to Complete at beginning of contract ..................$52,000,000

Estimated Time to Complete Project.....................................................2 years

As of Dec 31, 2012

Construction Costs incurred to date ..............................................$14,140,000

Billings to date ..............................................................................$19,500,000

Expected costs to complete ..........................................................$36,360,000

Compute of the use the percentage of completion revenue recognition method.