Computer Consultants (CCC) signed a contract in 2018 to develop a computer network system for Platinum Entertainment. Cosmo uses the percentage-of completion method and determines its measure of progress using the cost-to-cost approach. The firm provided the following information for 2018.

Contract price ..........................................................................    $85,000

                                                                                                             2018

Actual construction costs incurred during the year ..........    $12,000

Estimated total costs .............................................................      60,000

Progress billings made during the year ..............................      30,500

Cash collections during the year .........................................       25,000

Compute the percentage completed, gross profit recognized, and the amount of the revenue recorded in 2018.