Business, 02.08.2019 19:20 meganwintergirl

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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