On January 1, 2015, Global Constructions Inc. signed a contract for constructing a mall with a client for $30 million over a period of three years. The costs of construction are estimated to be $24 million. On December 31, 2015, company incurred $10 million of the costs. At the end of 2016, total expenses incurred amounted to $18 million.
Requirement
1. Determine the revenue to be recognized in both 2015 and 2016 using the percentage of completion method.