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 buildingTotal Contract Amount$ 60,000,000 Contract Grant DateAugust 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