$(10$ points$)$ In Spring $2023,$ Bava Construction signed a contract with the city of Springfield, to construct a

new city hall for $$275$ million. Bava expects to construct the building within two years and incur expenses

of $$150$ million, which means the company earns $$125$ million profit on the contract. The city of Springfield

paid $$100$ million when the contract was signed, $$100$ million within the next six months, and the final $$75$

million exactly one year from the signing of the contract. Bava incurred $$90$ million in costs during $2023$ and

rest in $2024$ to complete the contract on time.

Using the costcto$-$cost method how much revenue should Bava recognize in $2023$ and $2024?$ What profit

from the Springfield contract, will the company report each year?