The Pickle construction

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 August 14, 2012 Construction Began September 1, 2012 Estimated Cost to Complete at beginning of contract$ 52,000,000 Estimated Time to Complete Project2 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