In Spring 2018, Parmac Engineering Company signed a $160 million contract with the city of Parkersburg, to construct a new city hall. Parmac expects to construct the building within two years and incur expenses of $120 million. The city of Parkersburg paid $40 million when the contract was signed, $80 million within the next six months, and the final $40 million exactly one year from the signing of the contract. Parmac incurred $48 million in costs during 2018 and rest in 2019 to complete the contract on time. Using the percentage-of-completion method how much revenue should Parmac recognize in 2018?
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