(Answered) Reed construction ltd rcl uses the percentage-of-completion

Accounting

Reed Construction Ltd. (RCL) uses the percentage-of-completion method on its long-term construction contracts. In Year 16, RCL agreed to construct an apartment building for a contract price of $250 million. The job was completed in Year 18 with the following information:

(in millions) Year 16 Year 17 Year 18

Costs incurred to date $80 $165 $240

Estimated costs to complete $150 $70 $0

Billings to date $90 $180 $250

Collections during the year $80 $95 $75

What amount of the total contract price would be recognized as revenue in Year 17?

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