Question - 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 Project 2 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

Calculate the revenue to be recognized in fiscal year 2012 for each division of pickle in accordance with generally accepted accounting principles. Show all calculations for full credit.