Gleim Inc. enters into a $300,000 contract for the purchase of customized equipment with Becker Inc. The construction of the equipment is expected to take two years. Gleim, Inc. owns the work in process during the two-year period but will not take possession of the equipment until completed. The contractor will bill Gleim monthly for performance completed to date. After year-one, Becker Inc. incurred costs of $120,000 and expects remaining costs to be $108,000. Becker Inc. has billed Gleim $150,000 in total for the year. Jamestown has paid $135,000 to Bennington Inc. Determine the amount of revenue and expenses that Bennington Inc. should recognize in the first year of the contract. Revenue Expenses