In $2024,$ KP Building Incorporated began work on a four$-$year construction project $($called Cincy One$).$

The contract price is $$420$ million. KP recognizes revenue on this contract over time according to

percentage of completion. At the end of $2024,$ the following financial statement information indicates

the results to date for Cincy One:

INCOME STATEMENT:

Gross profit $($before$-$taxes$)$ recognized in $2024$

$$37$ million

BALANCE SHEET:

Accounts receivable from construction billings

$$25$ million

Construction in progress

Less: Billings on construction

Net billings in excess of construction in progress

Required:

Compute the following, placing your answer in the spaces provided and showing supporting

computations below.

Note: Round your percentage answer to the nearest whole number. Enter your answers in millions

$($i$.$e$.,10,000,000$ should be entered as $10).$