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What amount of the total contract price would be recognized

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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?

Reference no: EM131073145

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